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Penske Increases Ownership in Truck Leasing Joint Venture With GE to 30%

July 18, 2006

STAMFORD, CT— General Electric said that Penske Corp. has purchased an additional nine percent limited partnership stake in Penske Truck Leasing from GE Capital Corp., bringing Penske’s ownership to 30 percent, according to a report by the Associated Press. GE currently owns 70 percent of Penske Truck. Eventually, the companies each expect to own 50 percent stakes.
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In a 24-year fleet career that began in 1964, Helen Smorgans managed fleets for Johnson & Johnson corporate and 10 other J&J companies. She was co-founder of the NAFA New Jersey chapter and also served on the organization's National Board of Governors.

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