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Ryder puts truck division up for sale

Ryder System Inc. is putting a "For Sale" sign on its "For Rent" trucks.

The company wants to sell its consumer truck rental division to focus on its faster growing business that coordinates and ships parts to factories.

"Serious discussions are under way with potential buyers," Ryder System chairman M. Anthony Burns said Friday in a news release. "It is too early to say at this time whether or when a transaction will be completed."

The division has received unfavorable publicity in recent years. Bombers who damaged the World Trade Center and destroyed the federal building in Oklahoma City used Ryder trucks.

The consumer truck rental business, which accounts for about 10 percent of Ryder's revenue, has 35,000 trucks. The commercial truck rental division is not for sale.

The decision is in line with Ryder's strategy to dedicate more of the company to shipping daily supplies of parts to factories, allowing clients to keep less inventory on hand.

Ryder stock rose 62{ cents to $26.87{ on the New York Stock Exchange Friday.