Penske Truck Leasing (PTL) has announced that Tokyo-based Mitsui & Co. has acquired a 20% limited partnership interest in PTL from General Electric Capital Corporation. Following Mitsui’s investment, General Electric Capital Corporation will continue to own a 29.9% limited partnership interest.
The transaction is not expected to have any impact on Penske Corporation’s management and control of the company as it will continue to own a 50.1% interest in PTL and control the general partner.
Roger Penske, Chairman of Penske Corporation said, “Since 2001, Mitsui has been a valuable strategic partner, supporting the development and global expansion of Penske’s businesses. Mitsui’s investment in PTL further strengthens our long-term relationship with their organization.”
“We are very pleased to have Mitsui as a partner in PTL. Mitsui brings extensive experience across many different areas to our partnership and will become a key strategic partner as we look to expand and enhance our operations both domestically and internationally,” said Brian Hard, President and CEO of Penske Truck Leasing.
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