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READING, Pa., USA/BRUSSELS, Belgium - May 18, 2007 - Today, Penske Logistics and
ABX LOGISTICS announced the formation of a new joint venture in Brazil:
Air & Sea. Penske Logistics and ABX LOGISTICS will each hold a 50 percent stake
in the company that locates its headquarters at Penske's South American headquarters in
Barueri, São Paulo.
This new joint venture is the first between the two organizations since they announced a strategic
global alliance in September 2006 to provide integrated, global supply chain solutions for
multinational corporations. This new joint venture now enables Penske Logistics and ABX
LOGISTICS to provide international freight management services to customers in Brazil.
"We remain committed to expanding our capabilities and presence in Brazil to serve the growing
needs of our customers in the South American marketplace," said Penske Logistics President
Vince Hartnett. "Our joint venture formalizes our existing relationship with ABX LOGISTICS in
Brazil and enables both companies to pursue new business opportunities together in the region."
Laurent Levaux, CEO of ABX LOGISTICS Worldwide commented, "This joint venture combines
our strong freight forwarding capabilities and excellent global network with Penske's expertise in
logistics execution." Hans-Jürgen
Schlausch, Managing Director of ABX LOGISTICS Air & Sea,
added, "Our clients will now be able to enjoy the added benefits of comprehensive transport and
supply chain solutions to and from Brazil."
About Penske Logistics
Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing, a joint venture of
Penske Corporation and General Electric. Penske Logistics provides supply chain management
and logistics services to major industrial and consumer companies throughout the world. The
company has offices and operations in North America, South America, Europe and Asia. Penske Logistics delivers value through design, planning and execution in transportation, warehousing, international
forwarding and carrier
management. Visit www.PenskeLogistics.com to learn more
about the company and its services.
About ABX LOGISTICS
ABX LOGISTICS Worldwide is one of the world's top 12 air and sea freight forwarders and in the
European top 10 for road freight transport. Operating in 100 countries worldwide (35 with own
subsidiaries), the group has a turnover of approximately 2.3 billion euros and a workforce of
10,000 people. As an international freight forwarder, ABX LOGISTICS also offers added value
services such as customs clearance, inventory control, order picking, groupage, collection and
distribution. Main shareholders are 3i (Europe's leading private equity investor), third party funds
advised by 3i and the management of ABX LOGISTICS. For further information, go to