Penske Corporation is a Bloomfield Hills, Michigan-based, closely held, diversified transportation services company. Auto racing legend Roger Penske serves as Chairman, and Rob Kurnick as President.
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 Sept 30, Penske announced it would no longer acquire Saturn from GM due to manufacturing uncertainties.
Penske's subsidiaries include:
- Penske Racing (high-performance racing)
- 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)
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.
- VM Motori S.p.A. - a 51% stake was sold to Fiat S.p.A. in February 2011.
Famous quotes containing the word corporation:
“What I am anxious to do is to get the best bill possible with the least amount of friction.... I wish to avoid [splitting our party]. I shall do all in my power to retain the corporation tax as it is now and also force a reduction of the [tariff] schedules. It is only when all other efforts fail that I’ll resort to headlines and force the people into this fight.”
—William Howard Taft (1857–1930)