UPS Completes Overnite Acquisition With an Eye to Rival FedEx Freight
United Parcel Service on Saturday completed the acquisition of Overnite Corp. for $43.25 per share, or approximately $1.25 billio
United Parcel Service on Saturday completed the acquisition of Overnite Corp. for $43.25 per share, or approximately $1.25 billion
in an all-cash transaction. The purchase puts UPS squarely in the LTL business, a sector of the transportation market in which FedEx Freight, a division of UPS archrival FedEx, has been gaining considerable market share.
Overnite shareholders approved the transaction Friday, according to a UPS press release. Overnite, Richmond, Va., reported net income of $63.3 million in 2004
on revenue of US$1.65 billion. The carrier serves more than 60,000 customers in the LTL and truckload segments with operations in the U.S., Canada, Mexico, Puerto Rico, Guam and the U.S. Virgin Islands. Overnite, which beat back a Teamster attempt to organize the company in the 1990s, now becomes part of the Teamsters largest employer, UPS.
"UPS welcomes the employees of Overnite as members of the team," said Mike Eskew, UPS chairman and CEO. "Overnite has a strong management team that will continue to run the business."
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