Ryder System Acquires U.K.-based Euroway Group Ltd.
Ryder System, Inc. has announced its acquisition of U.K.-based Euroway Group Ltd.
The Miami-based company (NYSE: R) finalized its stock acquisition of the commercial truck leasing, maintenance and fleet management provider on Wednesday.
“Ryder is always looking for opportunities to grow the business and expand our offering to better serve the needs of customers,” Chairman and CEO Greg Swienton said in a statement. “The acquisition of Euroway expands our expertise in maintenance and fleet management services in the U.K., and strengthens Ryder’s commitment to serving current and future customers in this important market.”
The acquisition is to add about $20.2 million in annual revenue to Ryder’s Fleet Management Solutions business segment and add about 1,400 vehicles and trailers. The acquisition also includes Euroway’s 53 employees and three currently leased facilities in the U.K.
Ryder shares were down 76 cents, or 1.96 percent, to $37.97 in early afternoon trading. The 52-week high was $57.63 on Feb. 1 and the 52-week low was $32.76 on July 12.