Mitsui & Co., Ltd. ("Mitsui," Head Office: Tokyo, President and CEO: Kenichi Hori), together with Penske Truck Leasing, the largest commercial vehicle leasing company in North America, ("PTL," Head Office: Pennsylvania, USA, CEO: Brian Hard, 30% owned by Mitsui) and CSM Corporatama, a subsidiary of Indomobil under the major Indonesian conglomerate Salim Group (Head Office: Jakarta, Indonesia, CEO: Harry Pramono) has jointly established a truck operating lease business in Indonesia (*Note 1), which began operations in October 2022.

Positive economic growth in Indonesia has resulted in higher demand of goods mobility and transportation. On the other hand, the shortage of maintenance shops has led to an increase in waiting time for maintenance services, and the effects of stricter vehicle regulations and borrowing restrictions have resulted in an increase of demand for outsourcing vehicle management. Through this project, Mitsui, together with the Salim Group, which has a strong customer base and high brand reputation in Indonesia, and PTL, which has the largest operating know-how in North America, owning and managing more than 400,000 trucks will contribute to the Indonesian economy by providing well-maintained trucks to tackle issues in freight transportation which would reduce road infrastructure damages and traffic accidents.

Mitsui has positioned truck business as a focus area in the mobility field and has defined PTL as a strategic partner. Mitsui has been committed to global expansion since investing in PTL, and this project will be the first global expansion project for PTL's business. Following this project, Mitsui aims to continue expanding with PTL to other countries across Asia.

(*Note 1) Truck leasing with maintenance services

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