PLG one of largest vehicle haulers in NA

WAYNE, Mich., (Feb. 19, 2004) — Performance Logistics Group, Inc. based in Wayne, Mich., has announced it will acquire100 per cent of Penske Truck Leasing’s Leaseway Auto Carrier group — a provider of finished vehicle transportation services for OEMs in the United States, Canada and Puerto Rico.

PLG is the parent of Performance Transportation Services, who, with its subsidiaries E. and L. Transport Co., Hadley Auto Transport, and Transportation Releasing, operates a nationwide automobile transportation business. As a result of the deal — which includes LAC’s 1,200 employees operating out of 14 terminals — PLG will become the second largest vehicle transporter in North America with annual revenue of approximately $350 million. The acquisition — expected to be completed within 45 days — is subject to regulatory approvals and satisfying customary closing conditions.

“PTS and Penske have similar cultures and share a strong commitment to our customers, shareholders and employees,” Rick Roger, president and chief executive officer of PTS, said in a press release. “Through the increased efficiencies realized by combining the two companies, PTS will be well equipped to continue providing high-quality service to our customers.”

PLG was formed in 1999 by Onex Corporation, a diversified company based in Toronto, with annual consolidated revenues of $17 billion.