OTHER NEWS - March 15, 1995
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Trucking Firms Announce Merger: Leaseway Transportation Corp. plans to merge with Penske Dedicated Logistics, a subsidiary of Penske Truck Leasing Co., in a deal valued at $200 million. Penske Dedicated Logistics will pay $20 a share for about 10 million outstanding common shares of Leaseway, the companies said in a statement. Cleveland-based Leaseway, with revenue exceeding $600 million, transports goods for manufacturers, wholesalers and retailers. Penske Truck Leasing Co. of Reading, Pa., has more than $1 billion in revenue and operates some 70,000 trucks out of more than 400 locations.
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