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Ryder signs NG lease contract with M&B

Ryder System Inc (NYSE: R) has signed a natural gas vehicle (NGV) lease contract with its new customer in Florida, M&B Products, a state-of-the-art eco-friendly dairy farm.
M&B has signed a full service lease agreement with Ryder for three compressed natural gas (CNG) heavy-duty vehicles. The new CNG trucks will be maintained by Ryder at its Tampa FL service facility at 4015 N 40th Street, which is already engineered to meet the maintenance compliance requirements for natural gas.
M&B produces, manufactures, and packages fruit juices, milk, yogurt, and water in a variety of packages including cartons, cups, and pouches under an assortment of brand names. The company will use the new CNG vehicles to support its distribution fleet that services distributors in the South Florida region from Tampa to Miami.
“Adding natural gas heavy-duty trucks to our delivery fleet aligns with our efforts to raise the bar on eco-friendly farming,” said Mike McGucken, M&B transportation consultant. “We are proud to work with Ryder to bring this cleaner technology into our business, so we can not only run an efficient and environmentally-sound dairy, but also be a good neighbor and corporate citizen. M&B continuously looks for ways to reduce their carbon footprint.”
Through a full-service lease, Ryder acquires vehicles according to the customer’s specifications and provides financing, maintenance, and fleet support services. It also manages vehicle disposal to protect customers from residual risk.
“By leasing natural gas vehicles from Ryder, companies like M&B Products can realize the cost-saving and environmental benefits of the new technology, with less risk and capital outlay,” said Dennis Cooke, Ryder president of Global Fleet Management Solutions.
The natural gas vehicles are being made available through M&B Product’s participation in the Natural Gas Fuel Fleet Vehicle Rebate Program, funded by the Florida Department of Agriculture and Consumer Services. The Natural Gas Fuel Fleet Vehicle Rebate provides eligible applicants a rebate worth up to $25,000 on each vehicle for the cost of conversion or the incremental cost incurred by an applicant in connection with conversion, purchase, or lease for a minimum term of five years.
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