Penske, ABX Form Brazil Venture
Penske Logistics and ABX Logistics said Friday they have formed a new joint venture in Brazil to provide international freight management services in that country.
Each company will hold 50% of the venture, to be called ABX-Penske Air & Sea. It will be headquartered in Sao Paulo, Brazil.
This new joint venture is the first between the two organizations since they announced a strategic alliance in September 2006 to provide integrated transportation services for multinational corporations.
Penske Logistics is a subsidiary of Penske Truck Leasing Co., which is No. 7 on the Transport Topics 100 listing U.S. and Canadian for-hire carriers.
