UPS adds Overnite to transportation portfolio
Express delivery and logistics services provider UPS said it has completed the acquisition of less-than-truckload carrier Overnite Corp. after Overnite shareholders approved the transaction.
Overnite executives agreed in May to sell the company to UPS for $1.25 billion
Richmond, Va.-based Overnite, which serves more than 60,000 customers in North America, Guam and the U.S. Virgin Islands, had net income of $63.3 million in 2004 on revenue of $1.65 billion. Overnite is the former national trucking subsidiary of railroad holding company Union Pacific Corp. that was spun off in November 2003. It comprises two operating companies: Overnite Transportation, which operates in all 50 states, and Motor Cargo a regional LTL that primarily serves the western United States, Canada and Mexico.