MIAMI, May 1 /PRNewswire-FirstCall/ -- Ryder System, Inc. (NYSE: R), a
global leader in supply chain, warehousing and transportation management
solutions, today announced that Lear Corporation (NYSE: LEA), one of the
world's largest suppliers of automotive interior systems and components,
has selected Ryder as its third-party logistics (3PL) provider for North
America.
"Ryder looks forward to implementing best practices and processes
throughout Lear's transportation operations to help Lear continue to build
on its reputation for high quality in the automotive industry," said Ryder
Senior Vice President of Supply Chain Solutions, Automotive, Aerospace and
Transportation Management Tom Jones.
Under the multi-year contract, Ryder will provide logistics engineering
and network design for product into Lear's 75 plant locations. Ryder will
also provide procurement of transportation, thereby leveraging its buying
power in the industry to provide Lear with the best negotiated rates and
service, routing instructions and compliance management. Combining leading
technology, a dedicated account team and a clear understanding of Lear's
requirements, both parties are moving towards developing a footprint for a
world-class integrated logistics network.
"Our decision to outsource supply chain management was taken after
reviewing market tendencies and total supply chain functionality. After an
extensive review and tender process, we selected Ryder based on their
integrated network optimization solutions and vast experience in the
automotive industry. They have a proven track record in leveraging and
combining synergies in their managed network that will engineer cost
containment and reductions for Lear, while, at the same time bring us
greater end-to-end supply chain visibility," said John Lacny, Director
Global Logistics & Transportation, Lear Corporation.
About Lear Corporation
Lear Corporation is one of the world's largest suppliers of automotive
interior systems and components. Lear provides complete seat systems,
electronic products and electrical distribution systems and other interior
products. With annual net sales of $17.1 billion, Lear ranks 127th among
the Fortune 500. The company's world-class products are designed,
engineered and manufactured by a diverse team of 115,000 employees at 282
locations in 34 countries. Lear's headquarters are in Southfield, Michigan,
and Lear is traded on the New York Stock Exchange under the symbol (LEA).
Further information about Lear is available on the Internet at
http://www.lear.com/ .
About Ryder
Ryder is a Fortune 500 company providing leading-edge transportation,
logistics and supply chain management solutions worldwide. Ryder's stock
(NYSE: R) is a component of the Dow Jones Transportation Average and the
Standard & Poor's 500 Index. For more information about Ryder System, Inc.,
visit http://www.ryder.com .
Note Regarding Forward-Looking Statements: Certain statements and
information included in this press release are "forward-looking statements"
under the Federal Private Securities Litigation Reform Act of 1995.
Accordingly, these forward-looking statements should be evaluated with
consideration given to the many risks and uncertainties inherent in our
business that could cause actual results and events to differ materially
from those in the forward-looking statements. Important factors that could
cause such differences include, among others, our ability to obtain
adequate profit margins for our services, our inability to maintain current
pricing levels due to customer acceptance or competition, customer
retention levels, unexpected volume declines, loss of key customers in the
Supply Chain Solutions (SCS) business segment, our failure to successfully
implement new growth initiatives in our FMS business segment, unexpected
reserves or write-offs due to the deterioration of the credit worthiness or
bankruptcy of certain customers in our SCS business segment, changes in
financial, tax or regulatory requirements or changes in customers' business
environments that will limit their ability to commit to long-term vehicle
leases, changes in market conditions affecting the commercial rental market
or the sale of used vehicles, labor strikes or work stoppages affecting our
or our customers' business operations, adequacy of accounting estimates and
accruals, changes in general economic conditions, sudden changes in fuel
prices, availability of qualified drivers, our ability to manage our cost
structure, changes in government regulations including regulations
regarding vehicle emissions and the risks described in our filings with the
Securities and Exchange Commission. The risks included here are not
exhaustive. New risks emerge from time to time and it is not possible for
management to predict all such risk factors or to assess the impact of such
risks on our business. Accordingly, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
SOURCE Ryder System, Inc.
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Related links:
http://www.ryder.com
http://www.lear.com
CONTACT:
Lisa Brumfield, +1-305-500-3668, or
Lisa_Brumfield@Ryder.com, or Edward Rifenburg, +1-305-500-4161,
or Edward_Rifenburg@Ryder.com, both of Ryder System
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