Overnite's Stockholders Approve Acquisition by UPS
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Overnite ranked No. 20 on the 2005 Transport Topics 100 list of for-hire carriers in the U.S. and Canada. UPS ranked No. 1.
img src="/sites/default/files/images/articles/newups.jpg" width=50 align=right>Shareholders of Overnite Corp. Thursday approved a merger with package carrier UPS Inc., the companies said in a statement.
The $1.25 billion deal — the largest in UPS history — combines the world’s largest package delivery company and logistics services provider with the nation’s fifth-largest less-than-truckload freight carrier.
Overnite is the parent of Overnite Transportation in Richmond, Va., and Motor Cargo Industries in Salt Lake City.
Overnite will operate as a wholly owned subsidiary of UPS, company officials said.
