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December 20, 2007 9:50 AM, EST

Ryder to Buy Lily’s Truck Leasing Business

Ryder System said Wednesday it will buy the truck leasing business of Lily Transportation Corp., a Northeast regional transportation services company based in Needham, Mass.

The acquisition is expected to close in January, Ryder said. Terms were not released.

Lily Dedicated Logistics Systems, including its Dedicated Contract Carriage operations, will continue to be owned and operated by Lily, Ryder said.

Ryder will buy Lily’s truck fleet, including about 1,560 full-service lease units and over 240 contract customers served by Lily from its 15 locations in the Northeast.

Ryder is ranked No. 5 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.