September 11, 2017 11:15 AM, EDT

GE Sells Final Stake in Penske Truck Leasing to Former Partners

General Electric sold its remaining 15.5% equity stake in Penske Truck Leasing Co. to former partners Penske Automotive Group Inc. and MBK USA Commercial Vehicles Inc., a subsidiary of Mitsui & Co. for about $674 million, the company announced Sept. 7.

MBK bought 65% of the stake and Penske 35%, according to Boston-based GE, which noted the three companies had been partners in the business for almost 30 years.

“This is one of the last pieces of our former GE Capital businesses. To date, we have sold more than $201 billion in assets as we refocus GE Capital on financing businesses directly related to GE’s industrial businesses,” GE Capital Chairman and CEO Rich Laxer said in a statement.

Reading, Pa.-based Penske Truck Leasing started in 1969 with three locations in eastern Pennsylvania but now has a fleet of about 250,000 trucks on the roads. It provides transportation services and supply chain management.

Penske Truck Leasing formed through the combination of existing businesses within GE and Penske, according to GE.

Penske Logistics, a subsidiary of Penske Truck Leasing, ranks No. 12 on the Transport Topics Top 50 list of the largest logistics companies in North America.