Pacer International said Thursday, Aug. 20, that it has closed the previously announced sale of certain assets of its specialized heavy-haul trucking operation to subsidiaries of Universal Truckload Services Inc.
Pacer said that 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 about $2.0 million.
Pacer said it retained the rights to all receivables generated by this trucking operation through the closing date, and that it will continue to provide all its established highway and intermodal services as part of the company’s integrated operations. Pacer said it 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 Michael E. Uremovich, chairman and chief executive officer of Pacer, based in Concord, Calif.