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January 14, 2008 9:00 AM, EST

Ryder Completes Lily Acquisition

Larry Smith/Trans Pixs

Ryder System said Monday it completed its acquisition of Lily Transportation Corp., a trucking company based in Needham, Mass.

The acquisition, first announced in late December, will add about $30 million in annual revenue to Ryder’s Fleet Management Solutions unit, Ryder said in a statement.

Ryder acquired Lily's fleet of about 1,500 lease units serving 240 contract customers, about 80 commercial rental units, three of Lily's 11 operating locations and three single-customer maintenance locations.

Customers previously served by Lily in the remaining eight overlapping facilities will be consolidated into and served by Ryder’s nearest existing locations.

The combined network will operate under the Ryder name.

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