Penske Logistics Named Lead Logistics Provider in Europe for Eaton Corporation
Amsterdam/Roosendaal (The Netherlands), February 13, 2006 - Today, Penske Logistics announced that Eaton Corporation (NYSE: ETN) selected the firm to serve as its lead logistics provider in Europe. While financial terms of the deal were undisclosed, the new contract builds upon a well-established relationship between the two companies in the United States.
"Penske Logistics was selected by Eaton Corporation based on its strategic planning and supply chain management expertise in Europe, and our focus on long-term solutions that drive down costs," said Erik van Egmond, managing director of Penske Logistics Europe. "We are particularly excited to work with Eaton on this project due to its diversified industrial base and dynamic supply chain needs."
Under the new agreement, Penske Logistics will provide transportation management services, which includes the management and procurement of transportation, followed by a comprehensive supply chain redesign program for Eaton's European manufacturing operations, which span 13 countries.
Eaton's European Supply Chain Director, Les Ball, said, "We are delighted to work with Penske, a partner who will provide us with supply chain insights and help us reduce our total operational cost."
Mario Hegewald, Eaton's global logistics director, added, "This program with Penske will be one of our key strategic projects for 2006 as we develop our footprint in Europe. The first step will be for Penske to implement their Transportation Management System (TMS) and the day-to-day handling of Eaton's inbound and outbound flows. Penske will optimize and redesign the transport network by combining shipments with other Penske customers."
About Eaton Corporation
Eaton Corporation is a diversified industrial manufacturer with 2005 sales of $11.1 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 59,000 employees and sells products to customers in more than 125 countries. For more information, visit www.eaton.com.
About Penske Logistics
Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing, a joint venture of Penske Corporation and General Electric. Penske Logistics provides supply chain management and logistics services to major industrial and consumer companies throughout the world. Penske Logistics delivers value through design, planning and execution in transportationwarehousing, international forwarding and carrier management.Visit www.penskelogistics.com to learn more about the company and its services.