Economy/AP
Pacer International closes sale of heavy hauling trucking assets to Universal Truckload
Associated Press
08/20/09 12:20 PM EDT
CONCORD, CALIF. — Logistics and transportation company Pacer International Inc. said Thursday that it closed the sale of certain assets from its specialized heavy-haul trucking operation to subsidiaries of Universal Truckload Services Inc.
Under the agreement, Universal Truckload subsidiaries assumed the property and equipment leases for tractors and trailers used in the operation-as well as various customer, agent and other contracts for about $2 million.
Pacer retained the rights to all receivables generated by the trucking operation through the closing date.
In midday trading, Pacer shares fell 10 cents, or 2.5 percent, to $3.86, while Universal Truckload shares dropped 5 cents to $17.40.
