Union Pacific Corp. has completed its spin-off of less-than-truckload carrier Overnite.
UP, whose principal business is operating the Union Pacific Railroad, announced in August that it would attempt to sell the trucking company. UP expects to bring in $610 million from the sale.
Overnite, through its subsidiaries Overnite Transportation Co. and Motor Cargo Industries, is one of the largest less-than-truckload carriers in the United States. It has 208 service centers and a fleet of over 6,000 tractors and over 22,000 trailers and a workforce of 14,500 employees. It offers nationwide service plus services to Canada, Puerto Rico, Guam, the U.S. Virgin Islands and Mexico.