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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 27, 1997
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RYDER SYSTEM, INC.
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(Exact name of registrant as specified in its charter)
Florida 1-4364 59-0739250
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(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
3600 N.W. 82nd Avenue, Miami, Florida 33166
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (305) 500-3276
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Item 5. Other Events.
Ryder System, Inc. (the "Company") announced that it has agreed in
principle to sell Ryder Automotive Carrier Services, Inc. to Allied Holdings,
Inc. for approximately $114.5 million. A copy of the Company's press release
dated May 27, 1997 is attached hereto as Exhibit 99.
99. Press Release dated May 27, 1997, issued by Ryder System, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: May 27, 1997
RYDER SYSTEM, INC.
By: /s/ Edward R. Henderson
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Name: Edward R. Henderson
Title: Assistant General Counsel
and Assistant Secretary
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EXHIBIT INDEX
Sequentially
Numbered
Exhibit No. Title Page
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99. Press Release dated May 27, 1997
issued by Ryder System, Inc.
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EXHIBIT 99
RYDER AGREES TO SELL AUTOMOTIVE CARRIERS
MIAMI, FLORIDA, May 27, 1997 -- Ryder System, Inc. (NYSE:R) has agreed
in principle to sell Ryder Automotive Carrier Services, Inc. and another unit,
RC Management Corp., to Allied Holdings, Inc. (NASDAQ:HAUL) for approximately
$114.5 million in cash and assumption of the liabilities of the businesses, it
was announced here today by Ryder Chairman, President and Chief Executive
Officer M. Anthony Burns. The agreement in principle is contingent upon
finalizing a definitive agreement for the sale and government regulatory
approval. The sale, at a gain, is expected to close before the end of 1997.
Ryder Automotive Carrier Services is the largest highway transporter of
cars and trucks in North America, with operations in both the United States and
Canada. In 1996, it accounted for almost $600 million of Ryder's $5.5 billion
of revenue. Allied Holdings, Inc. is the parent of several subsidiaries engaged
in the automotive distribution business.
"This sale is another important step in our program to increase
shareholder value and to transform Ryder into a less asset-based company that
provides value-added, intelligent solutions for its customers," said Burns.
"Ryder will now be focused sharply on our long-term contractual businesses of
integrated logistics, truck leasing and public transportation services, which
are not cyclical and have good returns."
