Penske Sells LAC to PLG
Feb 19, 2004 12:00 PM
Wayne, MI-based Performance Logistics Group, Inc. (PLG) today announced its agreement to acquire 100% of the stock of Leaseway Auto Carrier (LAC) Holding Corp. from Reading, PA-based Penske Truck Leasing Co. LAC is the holding company for Penske’s interest in LAC group.
This transaction will make PLG the second-largest provider of vehicle transport services in North America with annual revenues of approximately $350 million.
LAC, which has nearly 1,200 employees operating out of 14 terminals, is an auto hauler for OEMs in the U.S., Canada and Puerto Rico. The transaction is expected to close in 45 days pending regulatory approval.
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