Rush to Buy Two Peterbilt Dealers

Rush Enterprises will extend its heavy-duty truck sales network in the West with the planned purchase of assets from Southwest Peterbilt and Norm Pressley’s Truck Center.

The deal will add eight truck sales outlets in Arizona, New Mexico and Southern California to the Rush network. The San Antonio-based company now sells heavy-duty trucks and parts from 24 locations in five states.

Rush plans to integrate the Peterbilt franchises in Phoenix, Tucson and Flagstaff, all in Arizona, Albuquerque, N.M., and San Diego into its Rush Truck Center system upon completion of the transaction.

Rush will pay $5.4 million for the assets and goodwill of the acquired companies, plus an additional $700,000 based of the performance of the acquired businesses.

The purchase will be financed with a combination of Rush stock, notes payable and cash.

Southwest and Pressley had combined revenue of $115 million in 1998.

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