Penske, ABX Extend Global Alliance to Joint Venture in Brazil

Penske Logistics and ABX Logistics have formed a new joint venture in Brazil, the first such arrangement since they announced a global alliance in September of 2006. ABX-Penske Air & Sea and ABX Logistics will each hold a 50-percent stake in the company, which will have its headquarters at Penske's South American headquarters in Barueri, Sao Paulo. Together the partners will provide international freight-management services to customers in Brazil. The deal formalizes the companies' existing relationship in that country, while allowing both to pursue new business opportunities in the region. Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing, a joint venture of Penske Corp. and General Electric. It provides supply-chain management and logistics services to industrial and consumer companies throughout the world. ABX operates in 100 countries, including 35 with its own subsidiaries.
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