Penske Truck Leasing Acquires Assets of Marano Truck Leasing.

READING, Pa., May 12 /PRNewswire/ --

Penske Truck Leasing completed the acquisition of the assets of Marano Truck Leasing, a truck rental and leasing company located in north Philadelphia. The acquisition was finalized on May 12, 2000.

The acquisition of Marano Truck Leasing adds 255 vehicles to Penske Truck Leasing's fleet. Nearly 80 percent of the vehicles are under full service lease.

"Through the purchase of Marano Truck Leasing, Penske adds a new location to its operations and expands its capabilities in the Philadelphia marketplace," said Wayne Angelbeck, vice president of business development for Penske Truck Leasing. "As part of the transaction, we are entering into a lease for the current facility operated by Marano at Route 95 and Aramingo Avenue in north Philadelphia. This will help to ensure a seamless transition for customers."

Dominic Marano of Marano Truck Leasing said, "We are confident that Penske Truck Leasing will continue to provide our customers with high quality service."

Penske Truck Leasing, headquartered in Reading, Pa., is a joint venture of Penske Corporation and GE Capital. With annual revenues of approximately US $2.7 billion, Penske Truck Leasing is one of the largest providers of transportation services in North America. The company operates more than 130,000 heavy-, medium-, and light-duty trucks to serve customers from approximately 450 locations in the United States, Canada and Mexico. Product lines include full-service leasing, contract maintenance and commercial and consumer rental. Penske Logistics provides integrated logistics services through an additional 220 locations. Penske Logistics Europe, a wholly owned subsidiary of Penske Truck Leasing, provides Pan-European logistics solutions. Cotia Penske Logistics Ltda., a joint venture between Penske Logistics and Cotia Trading, offers supply chain management services in South America.