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8/4/2003



Rail News: Rail Industry Trends

UP to sell LTL trucking subsidiary through IPO




Union Pacific Corp. is selling its trucking company — to the public. On Aug. 4, UP announced plans to sell trucking subsidiary Overnite through an initial public offering managed by Credit Suisse First Boston and Morgan Stanley & Co. Inc.


Under an IPO option, UP will sell all of its Overnite shares to cover any over-allotment.


One of the largest U.S. less-than-truckload (LTL) carriers, Overnite comprises subsidiaries Overnite Transportation Co. and Motor Cargo Industries, which employ more than 14,400, manage 208 service centers, and operate a fleet of more than 6,000 tractors and 21,000 trailers. Overnite accesses more than 45,000 cities in the United States, Canada, Mexico, Puerto Rico, Guam and the Virgin Islands.


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