Concord, Calif.-based Pacer International, Inc. says it has closed the previously announced sale of certain assets of its specialized heavy-haul trucking operation to subsidiaries of Universal Truckload Services, Inc., based in Warren, Mich.
In connection with the transaction, subsidiaries of UTSI assumed the real property leases and equipment leases for tractors and trailers used in the operation—as well as various customer, agent, and other contracts for a purchase price of approximately $2 million, Pacer said in a statement. Pacer retained the rights to all receivables generated by this trucking operation through the closing date of August 17.Pacer will continue to provide all its established highway and intermodal services as part of the company's integrated operations. Pacer plans to use the services of UTSI for seamless heavy-haul highway transport when appropriate.
“We are pleased to have completed the sale of these assets to UTSI where these operations are a better strategic fit, and we appreciate the efforts of the team that closed this transaction on schedule,” said Pacer Chairman and CEO Michael E. Uremovich.