Penske Logistics and ABX Logistics Form Joint Venture in Brazil

READING, Pa. and BRUSSELS, Belgium, May 18, 2007 -- Today, Penske Logistics and ABX LOGISTICS announced the formation of a new joint venture in Brazil: ABX-Penske Air & Sea. Penske Logistics and ABX LOGISTICS will each hold a 50 percent stake in the company that locates its headquarters at Penske's South American headquarters in Barueri, Sao Paulo.

This new joint venture is the first between the two organizations since they announced a strategic global alliance in September 2006 to provide integrated, global supply chain solutions for multinational corporations. This new joint venture now enables Penske Logistics and ABX LOGISTICS to provide international freight management services to customers in Brazil.

"We remain committed to expanding our capabilities and presence in Brazil to serve the growing needs of our customers in the South American marketplace," said Penske Logistics President Vince Hartnett. "Our joint venture formalizes our existing relationship with ABX LOGISTICS in Brazil and enables both companies to pursue new business opportunities together in the region."

Laurent Levaux, CEO of ABX LOGISTICS Worldwide commented, "This joint venture combines our strong freight forwarding capabilities and excellent global network with Penske's expertise in logistics execution." Hans-Jurgen Schlausch, Managing Director of ABX LOGISTICS Air & Sea, added, "Our clients will now be able to enjoy the added benefits of comprehensive transport and supply chain solutions to and from Brazil."