Penske Strengthens Presence in Europe

Reading, Pa. (ots-PRNewswire) - Penske Truck Leasing has named Paul Prang Managing Director for European Operations. This new position reports to Brian Hard, President of Penske Truck Leasing. Prang previously served as Senior Vice President of Operations for the company's U.S. Central Region, a position he has held since 1994. "This new position demonstrates Penske's commitment to allocate the resources necessary to support our long-term European growth strategy," said Hard. In his new role, Prang will assist in accelerating the growth of Penske Logistics Europe as well as evaluating additional market opportunities for Penske. He joins Brian Bolam, President of Penske Logistics Europe, as a member of the Board of Management. Penske Logistics Europe, which was formed in 1997, was recently named European Logistics Company of the Year by International Freighting Weekly, one of the leading transportation publications in the United Kingdom. Through the acquisition of Transportgroep van der Graaf in 1998 and an investment in state-of-the art technology, Penske Logistics Europe has continued to expand its infrastructure. The company now offers logistics solutions throughout Europe with a single commercial interface. Penske Logistics Europe also established a routing center in Maastricht, The Netherlands, to better serve customers. This computer driven transport optimization and management system allows Penske Logistics Europe's customers to electronically access a single point of control for all their movements across the continent. "Paul will complement Brian Bolam and our talented staff in Europe. His leadership ability, as demonstrated through a number of years at the executive level, and his operational expertise in transportation will enable Penske to strengthen its position in this key region," said Hard. Prang began his career in 1973 as a District Manager with Pepsi Co. Truck Rental, a Gelco Truck Leasing company. He was promoted to Area Vice President with Gelco in 1979, a position he retained after the 1988 combination of Gelco's truck leasing operations with Penske's to create Penske Truck Leasing. With annual revenues of more than US $2.5 billion, Penske Truck Leasing is one of the largest providers of transportation services in North America. The company operates over 120,000 vehicles 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 truck rental. The company's Penske Logistics provides integrated logistics services through an additional 200 locations, and its Leaseway Auto Carrier offers automotive carriage services. 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, provides supply chain management services in South America. ots Original Text Service: Penske Truck Leasing Internet: http://www.newsaktuell.de Contact: Debra Phillips of Penske Truck Leasing (USA) 610-775-6408 Web site: http://www.penske.com

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