Ryder confirms UK sell-off
05/06/1998 in NEWS
This was followed by an announcement by M Anthony Burns, chairman, president and chief executive officer of American parent company Ryder System, that the company was looking to move out of the UK contract hire and truck rental markets. After the sale Ryder will maintain relationships with some global integrated logistics customers in the UK. It has a UK fleet of about 12,500 commercial vehicles.
No exact price has been disclosed, but Burns indicated that the company anticipated a cash sale, probably in the third quarter of 1998. He said proceeds from the sale may be used to pay down debt, invest in the company's businesses or to buy back Ryder stock.