Penske Corporation is an American diversified transportation services company based in Bloomfield Township, Oakland County, Michigan. Auto racing legend Roger Penske serves as chairman of the privately held company, and Rob Kurnick as president.
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Acquisitions
In 1985, Penske acquired Hertz's Truck Rental division to form Hertz/Penske Truck Rental. In 1992, "Hertz" was dropped and it became Penske Truck Rental.
On June 5, 2009, it was announced that Penske would purchase the Saturn brand and its assets from the bankrupt General Motors. Just three months later, on September 30, Penske announced it would no longer acquire Saturn from GM due to manufacturing uncertainties.
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Subsidiaries
Penske's subsidiaries include:
- Team Penske (Motorsports team)
- Penske Motor Group (retail automotive in California only)
Companies in which Penske Corporation owns a stake and performs a controlling role:
- Penske Truck Leasing (joint venture between Penske Corp. and GE)
- Penske Logistics (Supply chain management and logistics service, a subsidiary of Penske Truck Leasing)
- Penske Automotive Group (PAG:NYSE - a 40+% stake)
- Truck-Lite, and Davco (transportation component manufacturing)
- DJR Team Penske (51%) (Australian V8 Supercars team)
Former subsidiaries:
- Detroit Diesel - A former GM subsidiary, Penske purchased a portion of the company in 1988 and, together with General Motors, spun the company off into a separate company. Sold to DaimlerChrysler AG in 2000.
- Penske Auto Centers - A former subsidiary that had operated auto repair centers within selected Kmart stores from 1995 until 2002.
- VM Motori S.p.A. - 50% was bought in 2003 and the rest in 2007, but a 51% stake was sold to Fiat S.p.A. in February 2011, and the remainder sold to Fiat in 2013.
References
External links
- Penske Corporation website
Source of article : Wikipedia
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