Penske Announces Kris-Way Truck Leasing Acquisition
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Penske Truck Leasing announced March 30 that it has reached an agreement to acquire Kris-Way Truck Leasing Inc.
Financial terms were not disclosed.
Kris-Way is a transportation services company that was founded in 1978. The company provides full-service leasing, commercial truck rental, contract maintenance and dedicated contract carriage.
Penske will absorb the approximately 150 associates and over 900 vehicles from seven locations throughout Maine and New Hampshire.
Today, #Penske announced it reached an agreement to acquire Kris-Way Truck Leasing, Inc., a #transportation services company offering full-service leasing, commercial truck rental, contract maintenance and dedicated contract carriage. #Trucking #Logisitcs https://t.co/nyopwJ3FYm — Penske Transportation Solutions (@PenskeNews) March 30, 2023
“Kris-Way has earned a stellar reputation in the marketplace,” Penske President Art Vallely said. “Penske and Kris-Way customers will benefit from the combined services both companies have to offer across our growing network.”
Penske plans to work closely with Kris-Way customers and associates to integrate the business into its own brand.
The transaction is subject to customary closing conditions, including certain regulatory approvals. The parties anticipate closing in the second quarter.
“We are excited to join Penske,” Kris-Way President Tom Keefer said. “We believe as part of Penske, Kris-Way is well-positioned to support our customers’ needs into the future. By expanding our network, our associates will have new opportunities for growth and development.”
Penske Logistics ranks No. 15 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. — Transport Topics
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