Penske Truck Leasing Co., L.P. has announced that Tokyo-based Mitsui & Co., Ltd. has acquired a 20-percent limited partnership interest in Penske Truck Leasing from General Electric Capital Corporation (GECC). Following Mitsui’s investment, GECC will continue to own a 29.9-percent limited partnership interest. The transaction will not have any impact on Penske Corporation’s management and control of the company as it will continue to own a 50.1-percent interest in Penske Truck Leasing and control the General Partner.
“Since 2001, Mitsui has been a valuable strategic partner, supporting the development and global expansion of Penske’s businesses. Mitsui’s investment in PTL further strengthens our long-term relationship with their organization,” said Roger Penske, Chairman of Penske Corporation.
Mitsui & Co., Ltd. is a diversified and comprehensive trading, investment, and service enterprise, headquartered in Tokyo. Mitsui maintains a global network of 142 offices in 66 countries, and has 426 subsidiaries and associated companies worldwide.
“We are very pleased to have Mitsui as a partner in PTL. Mitsui brings extensive experience across many different areas to our partnership and will become a key strategic partner as we look to expand and enhance our operations both domestically and internationally. We look forward to the new opportunities that our collaboration with Mitsui will bring and the value we can deliver to Mitsui,” said Brian Hard, president and CEO of Penske Truck Leasing.