In a move to aimed at increasing its presence in the U.S. truck market, Hino Motors Ltd. announced on May 30, 2003, a restructuring of its distribution company, Hino Diesel Trucks (U.S.A.), Inc. As part of this effort, Hino has entered into an investment agreement with PCP Holdings, Inc., a wholly owned subsidiary of Penske Corp., along with its existing partners in Hino Diesel Trucks, Mitsui & Co., Ltd., Mitsui & Co. (U.S.A.), Inc. A formal agreement was signed on May 24, 2003. Hino will build a nationwide sales and service network that will offer a new line of conventional medium-duty trucks incorporating Hino Diesel engines and American-produced driveline components. As part of the new organization, Hino Diesel Trucks has named Derek Kaufman as senior vice president, sales, marketing, and customer support. Kaufman has 25 years experience in heavy transportation sector, which included positions with Euclid, Freightliner, and Penske Corp. Hino Diesel Trucks sells and services Class 4, 5, 6, and 7 trucks.