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Union Pacific to spin off Overnite By Tim Parry Aug 4, 2003 12:00 PM Union Pacific Corp.'s Board of Directors has approved the sale of Overnite Corp., its Richmond-based trucking subsidiary, through an initial public offering. An underwriting group managed by Credit Suisse First Boston and Morgan Stanley & Co. Inc will offer the shares. Union Pacific said it has provided the underwriters an option covering additional shares to cover over-allotments. In the event the underwriters' over-allotment option is exercised in full, Union Pacific said it will sell 100% of its interest in Overnite. Through its LTL subsidiaries, Overnite Transportation Co. and Motor Cargo Industries, Overnite has 208 service centers and a fleet of over 6,000 tractors and 21,000 trailers. It has a predominantly non-union workforce of more than 14,400 employees.
Overnite recently reported second-quarter operating income of $21.0 million on $372.0 million in revenue, a 15% gain compared to the $18.2 million of operating income on $337.1 million of revenue reported for the same period last year.
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