MIAMI, Oct 8, 2003 /PRNewswire-FirstCall via COMTEX/ -- Ryder System, Inc. (NYSE: R), a global leader in transportation and supply chain management solutions, today announced it has renewed a distribution and transportation management contract with Carrier Corporation, the world leader in the manufacture and sale of heating, ventilating, air conditioning, HVAC systems and products.

"For two years, Ryder has been a valued partner in our business and a proven leader in providing integrated service solutions. This year, by renewing and expanding our contract we are better able to focus on our core business and let Ryder handle our transportation and distribution needs," said Jose Gomez, Operations Director for Carrier. "We are confident in Ryder's capabilities to provide a strong competitive advantage in the marketplace and support our growing business operations."

Under the contract, Ryder manages Carrier's transportation of raw materials and outbound transportation of finished products and spare parts for the Totaline division, utilizing Ryder's 100,000 square-foot warehouse and distribution center in Monterrey, Mexico. In addition to distribution functions, Ryder manages an inventory of 2,500 pallets of finished product and the dispatch of more than 20 vehicles per day from the warehouse to all Carrier customers located throughout the country's interior. Ryder also provides Carrier with a customized 75-person line feeding operation, inventory cycle counting, routing, planning, order scheduling and administrative services.

"We are pleased to partner with a high quality company such as Carrier," said Ryder Vice President and Managing Director of Latin America, Eugenio Sevilla-Sacasa. "We value our partnership and look forward to an ongoing relationship that will further strengthen Carrier's supply chain efficiency and improve customer service."

About Carrier Corporation

Celebrating 100 years of innovation and the invention of modern air conditioning by its founder, Willis Haviland Carrier, Carrier Corporation is the world's largest manufacturer of heating, air conditioning and refrigeration systems and equipment. It is a subsidiary of United Technologies Corporation (NYSE: UTX), provider of a broad range of high-technology products and support services to the aerospace and building systems industries. For more information on Carrier, visit the company's web site: www.carrier.com; e- mail contact.carrier@carrier.utc.com; or call 1-800-CARRIER.

About Ryder System, Inc.

Ryder is a Fortune 500 company providing leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. For more information about Ryder System, Inc., visit www.ryder.com.

For Information Contact:

Erica Gjorven, (305)500-4161
Erica_Gjorven@Ryder.com

Lisa Brumfield (305)500-3668
Lisa_Brumfield@Ryder.com

SOURCE Ryder System, Inc.

Erica Gjorven, +1-305-500-4161, or Erica_Gjorven@Ryder.com, or
Lisa Brumfield, +1-305-500-3668, or Lisa_Brumfield@Ryder.com, both of Ryder System, Inc.

www.ryder.com