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SMALL BUSINESS
Pacer closes sale of assets to Universal Truckload
AP ONLINE
posted: 98 DAYS 13 HOURS AGO
CONCORD, Calif. (AP) — 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.
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