May 4, 2007, Bellevue, Washington PACCAR Financial Services (PFS) announced today that it has entered into an agreement to purchase Truck Center Hauser GmbH (TCH), a leading independent truck rental and leasing company in Germany. TCH is headquartered in Dieburg, near Frankfurt, and has ten operating locations strategically located throughout Germany. TCH has a fleet of 1,200 trucks and 1,800 trailers servicing approximately 3,000 customers and has an outstanding reputation throughout Germany for providing industry leading products and services to its growing base of customers. In 2006, TCH was named Best Rental and Leasing Company in Germany" by readers of EuroTransportMedia magazine. "PACCARs acquisition of TCH will enable PFS to continue to profitably expand its financing and leasing of DAF products," said Ken Gangl, PACCAR senior vice president. "TCH provides an excellent infrastructure to establish and grow PacLease in Europe. PACCAR Leasing, which was established in North America in 1980, has a fleet of 28,500 units and achieved its 13th consecutive year of record profits in 2006."
On behalf of the Hauser family, Dieter Hauser commented, "The acquisition by PACCAR, one of the most successful technology companies in the world, is a great accolade for the TCH team of highly professional and service-oriented employees. TCH has established an excellent business over the last 17 years. With TCH becoming part of PacLease, there are great opportunities for further growth of the company in Germany and throughout Europe." The TCH acquisition is subject to German regulatory approval and is expected to close in late May. In 2006, PACCAR Financial Europe (PFE) celebrated its fifth anniversary of supporting the sale of DAF products with growth to over $2 billion in assets and record profits. "This acquisition is another positive step in providing our customers with the most comprehensive range of products and services in the world," said Ron Armstrong, PACCAR vice president. PACCAR set new financial records in 2006, earning net income of $1.5 billion on revenues of $16.5 billion.
In 2006, DAF Trucks surged to new sales, profit and production records, further expanding its market share to a new high of 14.5 percent. "DAF Trucks is the commercial vehicle product quality and resale value leader in Europe," said Aad Goudriaan, DAF president. "DAF has been consistently gaining market share in Europe and PFE is a vital and significant contributor to our growth. The addition of PacLease to the impressive portfolio of PFE finance options strengthens DAFs progress in achieving its 20 percent market share target," added Goudriaan.
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty commercial vehicles under the Kenworth, Peterbilt and DAF nameplates. It also provides financial services, information technology and aftermarket support for its customers worldwide. PACCAR shares are traded on the Nasdaq Global Select market, symbol PCAR, and its homepage is www.paccar.com.