The Car and Truck Fleet and Leasing Management Magazine

Onex Unit Buys Leaseway Auto Carrier From Penske Truck Leasing

April 5, 2004

Onex Corp. said on March 31 that its partly owned Performance Logistics Group acquired Leaseway Auto Carrier Group, a transport company serving major automakers, from Penske Truck Leasing Co., according to a report by Reuters published in Automotive News. Onex, a Toronto-based conglomerate whose holdings range from high technology to movie theaters, said the deal was a share exchange transaction that will leave it with 26 percent of the combined entity. Penske Truck Leasing, a joint venture of Penske Corp. and General Electric Co., said it received a significant minority interest in Performance Logistics as a result of the transaction. Onex said the deal will make Performance Logistics North America's second largest transporter of new vehicles for automakers. Major customers include General Motors and Toyota.
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