Fleet News

Ryder confirms UK sell-off

RYDER has confirmed that it is looking to sell most of its UK business, and is in discussion with a number of interested parties. Last week it was reported that Ryder's Slough-based UK arm was understood to be attracting strong interest from GE Capital, with other bidders said to include Barclays venture capital division Barclays Private Equity.

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.

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