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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.

Contact Progressive Railroading editorial staff.

More News from 8/4/2003