Ryder System Forms Automotive Logistics Joint Venture With Toyota Tsusho; TTR Logistics Combines Strengths of Ryder and Toyota Tsusho Operations in North America
20 November 2000
Ryder System Forms Automotive Logistics Joint Venture With Toyota Tsusho; TTR Logistics Combines Strengths of Ryder and Toyota Tsusho Operations in North America
Business EditorsMIAMI--Nov. 20, 2000--Ryder System, Inc. , a global leader in logistics and transportation management solutions, has formed TTR Logistics, a joint venture with Toyota Tsusho America, Inc. and its Japanese parent company, Toyota Tsusho Corporation, it was announced today by Gene Tyndall, Ryder's executive vice president of Global Markets and e-Commerce. The new entity, with equal participation from Ryder and Toyota Tsusho, will initially focus on transportation and logistics business opportunities related to Toyota and other Japanese automotive industry companies operating in North America.
"Through its unique heritage, TTR Logistics provides customers with `one-stop shopping' for logistics and transportation solutions that are integrated from among the best-in-kind services provided by the respective Ryder and Toyota Tsusho organizations," said Senji Fujita, president of Toyota Tsusho America.
Based on Ryder's and Toyota Tsusho's existing business relationships with Toyota, the initial phase of the joint venture will target additional Toyota-related logistics business and that of certain suppliers serving Toyota Group in North America. In subsequent phases, the venture will extend its services in global transportation management, distribution management and supply chain logistics and design.
"This joint venture combines Ryder's logistics management, integrated technology capabilities and extensive experience managing customers' transportation and logistics networks throughout North America with Toyota Tsusho's Japanese network, industry relationships and expertise in cross-dock and warehousing operations," said Tom Jones, senior vice president of Ryder's Global Automotive Group. "The result is a new, yet highly reliable and experienced, value-added resource for the automotive industry."
About Toyota Tsusho Corporation
Toyota Tsusho Corporation was established in 1948 as a trading company within the Toyota Group and has progressively expanded its customer base as a comprehensive enterprise. With fiscal year 1999 revenues of $12.8 billion, Toyota Tsusho offers its worldwide customer base a full array of goods and services through its Iron and Steel, Nonferrous Metals, Machinery, Vehicles, Energy, Textiles, General Merchandise and Chemicals, Food Products and Insurance divisions. Through its domestic and international subsidiaries and affiliates, the Company is also diversifying into such new fields as telecommunications and new materials and has entered the retail market. Toyota Tsusho has head offices in Nagoya and Tokyo, Japan with an international network encompassing 57 countries with four branch offices and 77 subsidiaries, as well as equity interests in a number of overseas joint ventures.
Toyota Tsusho America, Inc. is a wholly owned, U.S. subsidiary of Toyota Tsusho Corporation. Toyota Tsusho America has 18 offices located in the United States and one office in Canada, as well as 8 subsidiaries and 10 affiliates. Toyota Tsusho America had fiscal year 1999 revenues of $1.55 billion.
About Ryder System, Inc.
Ryder provides a continuum of leading-edge logistics, supply chain and transportation management solutions worldwide. Ryder's product offerings range from full-service leasing, commercial rental and programmed maintenance of vehicles to integrated services such as dedicated contract carriage and carrier management. Additionally, Ryder offers comprehensive supply chain solutions, lead logistics management services and e-Commerce solutions that support customers' entire supply chains, from the sourcing of inbound raw materials through distribution and delivery of finished goods. Ryder serves customer needs throughout North America, in Latin America, Europe and Asia.
Fortune magazine ranked Ryder as the most admired company in the highway transportation industry in 1997 and 1998 and second-most admired in 1999. In 2000, Ryder received a higher overall rating than its competitors in the Fortune survey. For the third consecutive year, Inbound Logistics magazine recognized Ryder in 2000 as the top third-party logistics provider.
Ryder's stock is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. With 1999 revenue of $5 billion, Ryder ranked 309th on the Fortune 500 list and 332nd on the Forbes 500 in 2000.
For additional information on Ryder System, Inc., visit www.ryder.com .