Trucking and logistics company Ryder System Inc said it acquired U.K.-based Hill Hire plc from Lloyds Banking Group for $252 million (154 million pounds) to expand into the European leasing and rental market.

Bradford, England-based Hill Hire provides contract hire, commercial vehicle rental and maintenance services. It has about 4,000 heavy duty vehicles in its fleet.

Ryder said the deal will add about $147 million to its annual revenue, and also add to earnings in 2011.

Ryder has been on an acquisition spree recently and has bought four companies, excluding Hill Hire, so far this year.

Growing confidence in a recovery in the freight transport market is prompting cash-rich companies to expand into new services and geographies.

The sale by Lloyds is part of its efforts to dispose of non-core assets. (Reuters)