-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DPO6/iViKdLfxFVlPUFqLGKpARyDEptGv+G0o9YpcmwmUTmlq76X00Y8HhhJOeDF V31e6ge0qyHypOIUY4JDhw== 0000950144-03-013904.txt : 20031223 0000950144-03-013904.hdr.sgml : 20031223 20031222175756 ACCESSION NUMBER: 0000950144-03-013904 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031219 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDER SYSTEM INC CENTRAL INDEX KEY: 0000085961 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510] IRS NUMBER: 590739250 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04364 FILM NUMBER: 031068690 BUSINESS ADDRESS: STREET 1: 3600 NW 82ND AVE CITY: MIAMI STATE: FL ZIP: 33166 BUSINESS PHONE: 3055003726 MAIL ADDRESS: STREET 1: 3600 NW 82 AVENUE CITY: MIAMI STATE: FL ZIP: 33166 8-K 1 g86456e8vk.htm RYDER SYSTEM, INC. Ryder System, Inc.
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 19, 2003

RYDER SYSTEM, INC.

(Exact Name of Registrant as Specified in its Charter)
         
Florida   1-4364   59-0739250
(State or Other Jurisdiction
of Incorporation)		   (Commission
File Number) 		  (IRS Employer
Identification No.)
     
3600 NW 82nd Avenue, Miami, Florida   33166
(Address of Principal Executive Offices)   (Zip Code)

(305) 500-3726
(Registrant’s telephone number, including area code)

 

 

Item 5. Other Events

     On December 19, 2003, Ryder System, Inc. (the “Company”) announced that it has entered into a definitive agreement to purchase substantially all of the operating assets of General Car and Truck Leasing System, Inc. The full text of the press release is attached as Exhibit 99.1 hereto and the contents of such press release are incorporated herein by reference.

     In addition, the Company announced that it has entered into a non-binding letter of intent with Ruan Leasing Company (“Ruan”) to purchase substantially all of Ruan’s operating assets. The full text of the press release is attached as Exhibit 99.2 hereto and the contents of such press release are incorporated herein by reference.

Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits

     (c)  Exhibits

     
99.1   Press Release issued by Ryder System, Inc. on December 19, 2003 announcing agreement with General Car and Truck Leasing System, Inc.
 
99.2   Press Release issued by Ryder System, Inc. on December 19, 2003 announcing non-binding letter of intent with Ruan Leasing Company.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

       
    RYDER SYSTEM, INC.
(Registrant)
     
Date: December 22, 2003   By: /s/ Art A. Garcia
   
    Art A. Garcia
Vice President and
Controller

2 EX-99.1 3 g86456exv99w1.htm PRESS RELEASE Press Release

 

Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

         
For information contact:   David Bruce 305/500-4999   Lisa Brumfield 305/500-3668
    David_Bruce@ryder.com   Lisa_Brumfield@ryder.com

RYDER AGREES TO ACQUIRE
GENERAL CAR AND TRUCK LEASING SYSTEM

     MIAMI, December 19, 2003 – Ryder System, Inc. (NYSE:R), a global leader in transportation and supply chain management solutions, today announced it has reached agreement to acquire substantially all the assets of General Car and Truck Leasing System, a major privately held commercial truck leasing, maintenance and rental company based in Davenport, Iowa. General is no longer engaged in the car rental business.

     Per the terms of the transaction, Ryder will acquire General’s fleet of more than 4,000 vehicles and over 700 customers in the U.S. The combined network will operate under the Ryder name, complementing Ryder’s United States market coverage and service network with expanded capabilities in the Midwest and Southeast.

     “General is a known and respected name in the transportation industry with an excellent record of delivering high levels of customer service,” said Ryder Chairman, President and Chief Executive Officer Gregory T. Swienton. “By building on the best practices and unique qualities of each company, we can strengthen our network and product offering in key markets to bring more business resources and value to customers of both companies.”

     The acquisition is expected to be finalized by the end of 2003 and take effect on January 1, 2004. Once completed, Ryder will implement a transition plan under the leadership of Ryder Senior Vice President of Fleet Management Solutions, Richard B. Carson, to achieve a smooth transition for General customers and employees.

     “Joining forces with Ryder will provide new resources to serve the growing needs of General customers in the competitive transportation marketplace,” said Gene Ehlers, President of General Car and Truck Leasing. “Ryder’s operations supporting more than 13,000 customers should also present opportunities for many of our employees to continue their fine work in support of a significantly expanded portfolio of customers.”

     Fleet M&A Advisors, a division of Fleet Securities, Inc., acted as financial advisor to General Car and Truck Leasing System, Inc. in connection with this transaction.

About Ryder

     Ryder is a Fortune 500 company providing leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder’s stock (NYSE:R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. For more information about Ryder System, Inc., visit www.ryder.com.

 

 

# # #

Note Regarding Forward Looking Statements: Certain statements and information included in this presentation are “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995. Accordingly, we advise that these forward-looking statements be evaluated with consideration given to the many uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include, among others, the competitive pricing environment applicable to the Company’s businesses, customer retention levels, changes in customers’ business environments, changes in market conditions affecting the sale of used vehicles, adverse changes in debt ratings, changes in accounting assumptions, greater than expected expenses associated with the Company’s activities and changes in general economic conditions. The risks included here are not exhaustive. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors on the Company’s business. Accordingly, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

  EX-99.2 4 g86456exv99w2.htm PRESS RELEASE Press Release

 

Exhibit 99.2

News Release

FOR IMMEDIATE RELEASE

         
For information contact:   David Bruce 305/500-4999   Lisa Brumfield 305/500-3668
    David_Bruce@ryder.com   Lisa_Brumfield@ryder.com

RYDER ANNOUNCES LETTER OF INTENT TO ACQUIRE
RUAN LEASING COMPANY

     Miami, December 19, 2003 – Ryder System, Inc. (NYSE:R), a global leader in transportation and supply chain management solutions, today announced it has entered into a non-binding letter of intent to purchase substantially all the assets of Ruan Leasing Company, a major privately owned truck leasing, rental and contract maintenance company headquartered in Des Moines, Iowa. Ruan has capabilities through the Midwest, Southeast, and Mid-Atlantic regions, as well as in California.

     Ruan has a fleet of nearly 6,800 vehicles and an additional 4,800 units under contract maintenance agreements, serving over 550 customers in the U.S. The supply chain, logistics and dedicated contract carriage businesses of Ruan are not included in the transaction.

     The acquisition remains subject to the negotiation of a definitive purchase agreement and customary closing conditions, including regulatory consents and the approval of each company’s board of directors. The transaction is expected to close by the end of the first quarter of 2004.

About Ryder

     Ryder is a Fortune 500 company providing leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder’s stock (NYSE:R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. For more information about Ryder System, Inc., visit www.ryder.com.

# # #

Note Regarding Forward Looking Statements: Certain statements and information included in this presentation are “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995. Accordingly, we advise that these forward-looking statements be evaluated with consideration given to the many uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include, among others, the competitive pricing environment applicable to the Company’s businesses, customer retention levels, changes in customers’ business environments, changes in market conditions affecting the sale of used vehicles, adverse changes in debt ratings, changes in accounting assumptions, greater than expected expenses associated with the Company’s activities and changes in general economic conditions. The risks included here are not exhaustive. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors on the Company’s business. Accordingly, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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