Ryder System completes
its acquisition of TLC
Jan 7, 2011 9:10 AM
Ryder System Inc (NYSE:R) has completed the previously announced acquisition of Total Logistic Control (TLC). Based in Holland MI, TLC provides supply chain systems to food, beverage, and consumer packaged goods (CPG) manufacturers with significant supply chains in the United States. The stock acquisition was completed December 31, 2010 at a price of about $200 million.
The acquisition is expected to add roughly $250 million in annual revenue to Ryder’s Supply Chain Solutions (SCS) business segment and be accretive to Ryder’s earnings in 2011. Peter Westermann, former TLC president and chief executive officer, and members of the entire TLC organization will continue to work and serve clients in similar roles as part of the SCS business segment. The TLC business will now operate as Ryder SCS’s consumer packaged goods industry group.
“The completion of this acquisition immediately strengthens the breadth and depth of our Supply Chain Solutions offering,” said Greg Swienton, Ryder chairman and CEO. “TLC has all the elements to help us accelerate our capabilities and growth prospects in a high potential industry sector that we have been targeting for expansion. We are pleased to be able to utilize Ryder’s solid financial position and available leverage to make this important investment in our future.”
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