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Penske Truck Agrees to Buy Ford Motor's Truck Leasing Unit

READING, Pa. August 12, 2004; The AP reported that commercial truck rental company Penske Truck Leasing Co. said Thursday it has agreed to buy Ford Motor Co.'s truck leasing unit known as AMI Leasing.

Penske Truck Leasing, a joint venture between GE Equipment Management and Penske Corp., did not disclose the purchase price for the full-service truck leasing, rental, maintenance and logistics operations it is acquiring from Ford Motor Credit Co.'s Auto Rental Corp.

The acquisition will add 14,000 tractors, trucks and trailers to Penske's fleet. Penske and AMI expect to complete the transaction, which is subject to customary closing conditions, by the end of August. Based in Worcester, Mass., AMI Leasing serves customers in 26 locations throughout the northeast. AMI's truck product lines include full-service leasing, rental, finance leasing, contract maintenance and dedicated contract carriage.