Mitsui invests in Penske

Japanese multinational Mitsui & Co Ltd has announced that it has acquired a 20 per cent stake in Penske Truck Leasing, the massive commercial vehicle rental company that's a part of the multi-billion empire of US entrepreneur, Roger Penske.

Mitsui & Co Ltd, one of Japan's largest trading houses, acquired the slice in Penske Truck Leasing from General Electric Capital Corporation, which following the transaction will retain a 29.9 per cent limited partnership interest.

A Penske press release states the change will not impact Penske Truck Leasing's executive structure or management, as Penske Corporation retains a majority 50.1 per cent stake.

According to Roger Penske, Chairman of Penske Corporation, the acquisition will bring considerable expertise to Penske Truck Leasing.

"Since 2001, Mitsui has been a valuable strategic partner, supporting the development and global expansion of Penske's businesses," he said, in a press statement.

"Mitsui's investment in PTL further strengthens our long-term relationship with their organisation."

Brian Hard, President and CEO of Penske Truck Leasing, said Mitsui's expertise would aid the firm greatly in its program of continued growth.

"We are very pleased to have Mitsui as a partner in PTL," he said.

"Mitsui brings extensive experience across many different areas to our partnership and will become a key strategic partner as we look to expand and enhance our operations both domestically and internationally.

"We look forward to the new opportunities that our collaboration with Mitsui will bring and the value we can deliver to Mitsui."

According to a Bloomberg report, Mitsui & Co Ltd paid $US750,000 for the 20 per cent stake, as it continues to shift its focus away from resource-based assets in the wake of falling global commodity and energy prices.