SHANGHAI - June 12, 2007 - Penske Logistics today announced it secured a multi-year logistics contract with Key Safety Systems, Inc. (KSS), a leading, global designer and manufacturer of safety-critical components and systems, including airbags, seatbelts and steering wheels. Penske will drive KSS' logistics efficiencies within its growing presence in the Chinese marketplace. Financial terms were not disclosed.
"Our decision to outsource to Penske was driven by the increasing complexity in coordinating shipments from numerous suppliers in the Asia-Pacific region," said Steve DuBuc, Senior Vice President of Global Purchasing for Key Safety Systems, Inc. "We chose Penske because of its expertise in international freight movement, automotive industry leadership and its growing presence in China."
Under the agreement, Penske will provide KSS with a customized logistics solution that includes supplier compliance, logistics management, logistics sourcing and administration, and shipment consolidation management. In addition, Penske will use its technology systems to provide KSS with improved visibility into freight moving from Asia to numerous automotive manufacturing locations throughout the United States. Shipments will be handled via air, sea and road.
James P. Erdman, Senior Vice President - Operations, who leads Penske Logistics' business efforts in China, commented, "We look forward to helping an industry leader like KSS. Our team will work to bring a new level of sophistication and efficiency to its supply chain."
About Key Safety Systems
Key Safety Systems, Inc. (KSS) is a leading, global designer and manufacturer of safety-critical components and systems including airbags, seatbelts and steering wheels. KSS products are used in more than 300 vehicle models produced by over 60 automobile manufacturers worldwide. KSS' global reach comprises 32 manufacturing, technical and sales facilities in 12 countries generating over $1 billion in sales and employing approximately 9,000 people. Visit www.keysafetyinc.com for more information.
About Penske Logistics
Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing. With operations in North America, South America, Europe and Asia, Penske provides supply chain management and logistics services to major industrial and consumer companies throughout the world. 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.