UPS Completes $1.25 Bln. Overnite Corp. Acquisition

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PS Inc. said Friday it completed its $1.25 billion acquisition of Overnite Corp.

The deal was approved by Overnite’s shareholders Thursday and combines the world’s largest package delivery company and logistics services provider with the nation’s fifth-largest less-than-truckload freight carrier.

“UPS welcomes the employees of Overnite as members of the team,” said UPS Chief Executive Officer Mike Eskew.

“Overnite has an extensive transportation network, a strong focus on operational efficiency and flexibility and a good mix of large-and middle-market companies,” he said in a statement.

Overnite is the parent of Overnite Transportation in Richmond, Va., and Motor Cargo Industries in Salt Lake City.

Overnite was ranked No. 20 on the 2005 Transport Topics 100 list of for-hire carriers in the U.S. and Canada. UPS is ranked No. 1.