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- Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-80-5912-0321
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Main Contents
Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President & CEO: Masami Iijima), has reached an agreement to sell Transfreight North America ("TFNA"), a wholly-owned subsidiary that provides logistics services primarily to automotive manufacturers, to U.S.-based Penske Logistics LLC ("Penske Logistics").
Penske Logistics, a wholly owned subsidiary of Penske Truck Leasing Co., L.P. ("PTL"), provides a wide range of logistics and supply chain solutions to companies in a variety of industries including: automotive, grocery, industrial, retail, and pharmaceuticals operating in North America, South America, Europe and Asia.
Penske Logistics' acquisition of TFNA will provide customers from both companies with the strengths of the combined organization's industry expertise, technological capabilities, and the breadth of supply chain and transportation logistics solutions.
This transaction is subject to customary closing conditions, including certain regulatory approvals. The parties involved anticipate closing the transaction within 30 to 45 days.
As of March 18, 2015, Mitsui currently holds a 20.0% limited partnership interest in PTL and has maintained other strategic investments with Penske Corporation since 2001. To learn more about Mitsui's recent investment in PTL, please refer to the following relevant information.
To learn more about the acquisition of TFNA by Penske Logistics, please refer to the following press release.
Corporate Profile of TFNA
| Company Name | Transfreight North America |
|---|---|
| Principal Place of Business | Kentucky, USA |
| Establishment | 1988 |
| Line of Business | Provider of integrated logistics services focusing on the manufacturing plant of automotive manufacturers and other machinery manufacturers (milk run operation, cross docking, route design, etc.) |
Corporate Profile of PTL
| Company Name | Penske Truck Leasing Co., L.P. |
|---|---|
| Principal Place of Business | Pennsylvania, USA |
| Establishment | 1969 |
| Line of Business | Full Service Truck Leasing, Rental & Logistics |
| Website |
Corporate Profile of Penske Logistics
| Company Name | Penske Logistics LLC (100% subsidiary of PTL) |
|---|---|
| Principal Place of Business | Pennsylvania, USA |
| Establishment | 1969 |
| Line of Business | Logistics & Supply Chain Solutions |
| Website |
Notice:
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.