Trimac Corp. has initiated a restructuring plan that will shift C$378 million worth of its assets to place the company in a position to increase its market share of the bulk trucking business. The Calgary, Alberta-based company started its maneuvering two week ago by selling its Rentway subsidiary to Penske Truck Leasing.
On July 4, the two corporations confirmed that Penske of Reading, Pa., will pay C$105 million for Rentway, giving the U.S. company an immediate, massive presence in the Canadian truck-leasing and renting business (7-10, p. 4). Before the deal, Penske’s Canadian operations were limited to Ontario and Quebec, the country’s two most populous provinces.
Rentway gives Penske 36 more service centers throughout Canada, and 10,000 trucks, tractors and trailers to move between them. Rentway also has four U.S. locations: Portland, Ore., Seattle, Detroit and Toledo, Ohio.
Those vehicles will be added to Penske’s inventory before the deal, which was 142,000, according to a company spokesperson.
For the full story, see the July 17 print edition of Transport Topics. .
