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PEPSI-COLA OF WASHINGTON SIGNS MILLION-DOLLAR TRUCK LEASING AGREEMENT WITH RYDER

 PEPSI-COLA OF WASHINGTON SIGNS MILLION-DOLLAR
 TRUCK LEASING AGREEMENT WITH RYDER
 /ADVANCE/ WASHINGTON, June 24 /PRNewswire/ -- Pepsi-Cola of Washington, L.P., and Ryder System, Inc. (NYSE: R), today announced a million-dollar truck leasing agreement in which Ryder will provide full-service leasing and maintenance services for Pepsi's 105-vehicle fleet.
 Earl G. Graves, chairman and chief executive officer of Pepsi- Cola of Washington, and M. Anthony Burns, chairman, president and chief executive officer of Ryder, officially signed the contract for equipment and trucking services previously maintained by Pepsi-Cola.
 Ryder, the world's largest truck leasing and rental company, will also assume the management of Pepsi-Cola of Washington's truck maintenance facilities. Pepsi of Washington is the sole authorized distributor of Pepsi-Cola and related products in Washington and in a portion of Maryland.
 In 1991, Pepsi-Cola of Washington's sales were $44.1 million, making it 19th on Black Enterprise magazine's list of the largest black companies in the United States. It is also the largest minority-controlled Pepsi-Cola franchise in the country. Graves, who is also founder and chief executive officer of Earl G. Graves Ltd., publisher of Black Enterprise magazine, acquired the franchise with his partner, Earvin "Magic" Johnson in 1990.
 "I've known Tony Burns for many years and have been consistently impressed with his business savvy, professionalism and commitment to his customers," Graves said. "It will be rewarding to do business with a major corporation like Ryder that understands there is big money to be made selling to black businesses, as well as black consumers."
 Graves said the best business decision was to choose to lease Ryder's trucking services and have full-time transportation experts available to manage the fleet. "It would have been very costly to modernize and upgrade the trucks," he said. "For us, the lease vs. own decision was an easy one, particularly when the lease came with full service, relieving us of the headaches and costs of running a truck maintenance shop."
 "This agreement is a significant business opportunity for Ryder," said Burns. "The Pepsi-Cola of Washington contract gives us a chance to develop a partnership with a growing business. It will become even more mutually rewarding as Pepsi grows and prospers. We especially hope it will pave the way for growth in the volume of business we do with other companies in Washington, D.C."
 Graves said one of Ryder's main competitors had submitted a comparable offer, but that Ryder's proposal included a more comprehensive approach to servicing Pepsi-Cola of Washington's needs. In addition, Graves noted the significant civic involvement of Ryder and Burns. "Under his leadership, Ryder has provided innovative scholarships, job training programs and employment opportunities which have benefited black youth in all parts of the country."
 Mayor Sharon Pratt Kelly lauded the deal as a boon to the Washington economy. "We hope other Fortune 500 companies will follow Ryder's lead by doing more business in our community and with minority entrepreneurs. Job creation and economic development are the most effective cures for what ails our cities."
 -0- 6/24/92/1100
 /CONTACT: W. Arthur Stone of Ryder System, Inc., 305-593-3180, or Michael Graves of Pepsi-Cola of Washington, 301-967-4650/
 (R) CO: Pepsi-Cola of Washington, L.P.; Ryder System, Inc. ST: District of Columbia IN: SU:


IH -- DC001 -- 3114 06/24/92 08:04 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
Words:545
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