Penske Truck Leasing announced it has entered into an agreement to acquire Richmond, Virginia-based Old Dominion Truck Leasing. Financial terms were not disclosed.

"Old Dominion Truck Leasing and Penske Truck Leasing customers will benefit from synergies in our products, technology, and services available across our combined network of facilities," said Brian Hard, president and CEO, Penske Truck Leasing. "We share a strong commitment to service and will continue to enhance the high-quality service their customers have come to expect."

Old Dominion Truck Leasing serves approximately 360 customers in diverse industry sectors from 11 locations in five states. Old Dominion Truck Leasing's products and services align well with Penske's existing service offering that includes full-service truck leasing, truck rental, contract fleet maintenance, and dedicated contract carriage.

The acquisition adds approximately 1,400 tractors, trucks and trailers to Penske's fleet. The transaction is subject to customary closing conditions and the parties anticipate closing during the month of July.

Penske Truck Leasing Co., L.P., headquartered in Reading, Pennsylvania, is a partnership of Penske Corporation, Penske Automotive Group, GE Capital Holdings and Mitsui & Co., Ltd. A leading global transportation services provider, Penske operates more than 250,000 vehicles and serves customers from more than 1,000 locations in North America, South America, Europe, Australia and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions.