Ryder System Acquires Ascent Logistics

Complied ByDeborah Austin Aiming to broaden its scope and capabilities in the Asian market's booming high-tech manufacturing region, Ryder System Inc. has acquired majority control of Singapore-based logistics and supply-chain-management services provider Ascent Logistics Pte. Ltd. Incorporated in 1995 and now employing nearly 300 people, Ascent was a privately held company until its $40 million acquisition by Ryder. Its key customers are in electronics, branded goods, and pharmaceuticals. Ascent's strengths are in warehousing and vendor-managed inventory hubs -- a solution in increased demand by Ryder's electronics, technology, telecommunications, and consumer packaged-goods customers -- says Gene Tyndall, executive vice president of global markets and e-commerce. Ryder, headquartered in Miami, provides logistics-, supply-chain and transportation-management solutions including vehicle leasing and rental.