Overnite Transportation SOLD!!,Looks like I got new bosses now...

[Hammer]

Look what I found today while looking at Transport Topics a Bit Ago.....



"UPS to Acquire Overnite Corp. for $1. 25 Billion"





UPS Inc. said Monday it had reached agreement to acquire less-than-truckload carrier Overnite Corp. for $43. 25 per share, or about $1. 25 billion.



UPS said the deal would allow it to expand its services by offering a variety of truckload and less-than-truckload services to its North American customers. It also will immediately position UPS as a top U. S. LTL carrier.



The move comes five months after UPS expanded its air freight services by acquiring Menlo Worldwide Forwarding.



Overnite, headquartered in Richmond, Va. , reported 2004 net income of $63. 3 million on revenue of $1. 65 billion.



The carrier serves more than 60,000 customers in the LTL and TL segments with operations in the U. S. , Canada, Mexico, Puerto Rico, Guam and the U. S. Virgin Islands, UPS said in its statement.



UPS is ranked No. 1 on the Transport Topics 100 listing of U. S. and Canadian for-hire carriers. Overnite is No. 17.



UPS said the acquisition, which it expects to complete in the third quarter, is an all-cash transaction that will require regulatory approvals and the approval of Overnite's shareholders.



“Overnite is a successful, well-run company with excellent growth prospects and has a strong culture and world-class employee base that complement our organization,” UPS Inc. Chief Executive Officer Mike Eskew said in a statement.



UPS said Overnite's management team is expected to remain in place to run the business. Overnite’s Web site had posted no information about the deal as of early Monday morning.



By Transport Topics



I am hoping that this is a sign of better thing to come. With UPS being the #1 rated LTL and Overnite being rated #17 this will be a boost to our company for sure... ... ... Andy

 

[EricBu12]

I am glad I work for a long time family owned and operated buisness where the sons run the whole show and the company is not publicly traded and no Union.....



I drive for Watkins motor line, been here for 5 years now and love it... . I drive team on a bid run and we split . 5016/mile. We do a run that gets us 5540 miles a week and I get 3 weeks vacation/yr. (pro rated per month... so I can take a few days at a time if I want)... Even my birthday is a paid holiday! We drive new Volvo Conv. and for our tripple operation, we have day cabs and freightliner cabover sleepers.



I firmly believe that the first line I stated is why this company treats us so well and there has been no problems with poss. buyouts or anything... . With the demise of CF and yellow being bought, and now overnight... . everything is becoming one big company... .

Hope all works out for you andy,

 

[Bill Lins]

With the demise of CF and yellow being bought,

Musta missed it- who bought Yellow?

 

[**ICEMAN**]

i was told that YELLOW bought ROADWAY but they were operating under the ROADWAY logo(weren't going to change the trucks etc)



HAMMER ,,

so when do you get fitted for your new BROWN outfit ?

can't wait to see ya in those knee high brown socks and knee length shorts :-laf

 

[Holysmokes]

I know how it is... it seems to be the way things are today. I work for Sears and we "merged" with K-mart. Kind of like when you go down to a Dodge dealer and your check "merges" with a CTD. I thought that was to aquire it? LOL. Good Luck :-laf

 

[Sled Puller]

HAMMER ,,

so when do you get fitted for your new BROWN outfit ?

can't wait to see ya in those knee high brown socks and knee length shorts :-laf

SCARY! :-laf

 

[DHorton]

What I can't wait for is the headline of the newspaper to read, "Sled Puller, first driver for Brown that got to race his truck!".



Hope for the best Sled, I hear Brown ain't so bad to work for. Have several friends been doing it for years and really like it.

 

[tURBOdIEZEl]

HAMMER ,,

so when do you get fitted for your new BROWN outfit ?

can't wait to see ya in those knee high brown socks and knee length shorts :-laf

LOL :-laf wait, i better not laugh that much cause i'll be behind him getting fitted as well

 

[GFrance]

I'm like Eric & work for a real small co. Haul fuel for the eight stations my boss owns & a couple of outside accounts. Been there 22 yrs & have 9 more untill retirement. Not as good of pay as when I drove doubles & tripples for Systems 99 before they went bellyup. He pays us . 42 a mile & load & unload fee works out to $20 to $22 an hour if I don't get hung up at the pipeline.

Hope all works out with the change of owners. I just got tired of seeing all these LTL carriers getting gobbled up by the bigger ones.



Lets see, since I've been driving truck the carriers that have left my area.



East Texas Motor Frieght

Systems 99

P. I. E.

Trans Con

O. N. C.

Silver Wheels

I'm sure theres more I can't remember. I think UPS will be around for a long time but watch out DHL is hot on their heels.

 

[Coolslice]

I'd be thankful UPS bought it instead of FedEx. . UPS is so much better, they care about their employees and pay them very well... I drove for FedEx for a few years, and I remember when they went on their buying spree a couple of years back, and I talked to many of the guys who drove for those companies that got bought and they were ******. . I personally think being on the brown team is a sweet deal. .

 

[Hammer]

I am glad I work for a long time family owned and operated buisness where the sons run the whole show and the company is not publicly traded and no Union.....

Eric. .

We were aslo a "family owned" business a while ago. The Richmond based "Cochrane" family started,owned and operated us for many years until a hostile takeover on the stock market ended up in Union Pacfic Railroads hands. That was until about a year ago when we became a separate and "employee owned" business as Union Pacfic was selling off everything but their railroads to concentrate on just rail business. We had gotten wind of this UPS deal early last year and were told it wouldn't happen,but,alas it did. They,UPS had been looking for a LTL freight company ever since Fed-Ex bought American. I feel strongly that this is a good thing as the one thing that they,UPS,know how to do is move freight. BTW,we are not union,never have been.



Yes,I did screw up the Yellow/Roadway comment and they do now own ALL of UFS Corp holdings and companies(Bestway,Holland Motor express,truckload carrier Glen Moore are a few which I know). I still feel they will absorb Roadway as they did Preston 151 out here.



Sleddy. .

I'll make sure you get the first 8x10 of my spiffy brown shorts and socks. Beware though,I can almost Gaurentee that Turbodiezel will look ALOT worse than me in shorts. Last time he had shorts on around our group someone asked him if they were actually his legs or was he riding a chicken. That answer can not be repeated here,LOL.



GFrance. .

We all have seen many carriers go under and the list is long and keeps getting longer each year. If you were to compare a list of the top 100 LTL motor carriers from 1975 to a list of the top 100 LTL carriers today it would amaze you who all is missing. Many were killed by deregulation and others by mismanagement. Unless someone in DC removes their heads from a place where the sun doesn't shine,these OUTRAGEOUS fuel costs will cause the demise of many more.



Coolslice. .

I am in belief also as I said above its a good thing. Yes there will be changes and some may cause some conflict but one thing we all know in the industry is UPS knows how to move freight... ... ..... Andy

 

[Sled Puller]

Eric. .

... ... ..... Last time he had shorts on around our group someone asked him if they were actually his legs



or was he riding a chicken.



That answer can not be repeated here,LOL... ... ... .....

OH MY THAT IS FUNNYYYYYYYY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1

 

[EricBu12]

hammer,



I see you worked for a family owned but it was still publicly traded... on the St. mkt. ..... Watkins is Family owned and NOT publicly traded, and NO union... Right now it seems pretty secure. The equipment is good, we just bought 300 new freightliner trucks, the condition of the trailers is good, I make $65k/yr. . ..... Ahhhh the Secret of how I can afford all the stuff I have on my truck... . hehe



Gfrance,

Watkins is not small... . well it might be compared to UPS or such... . but we are a nationwide company with thhousands of drivers and contractors leased to us and such.



Some of the benefits is at 5 yrs, you get a citizen watch, 10 years, a ring, 15 yrs, 2 diamonds in the ring, 20 years, 2 more diamonds and a Rolex Watch..... At 25 yrs, you get a customized personal rig with a sticker on the side indicating it. we drive team and we slip seat so a personalized rig is nice... ... . But you know... after 25 years, you want to get OUT of the truck... hehe

 

[Hammer]

Some of the benefits is at 5 yrs, you get a citizen watch, 10 years, a ring, 15 yrs, 2 diamonds in the ring, 20 years, 2 more diamonds and a Rolex Watch..... At 25 yrs, you get a customized personal rig with a sticker on the side indicating it. we drive team and we slip seat so a personalized rig is nice... ... . But you know... after 25 years, you want to get OUT of the truck... hehe

Oh Crap. .

Thats what I did wrong,LOL. I am still driving after being in the truck for 27 years,guess I need to find a new line of work,LOL. At specified intervals our company does a simular thing,except they give us a book which we can choose what we want from it. All the gifts are ok but all I wanted was the extra vacation week,LOL. We do a little better money wise but I have learned over the years its not the money its how your treated and if you enjoy where you work. I have friends who make more(union outfits) and hate what they do but wouldn't change because of the cash they make. I have been here along time and I do enjoy the job with them I have just tired of the industry. Its certainly not what it used to be when I started way back then. Ah well,now if we can get them to just adopt a 25 and out 100% retirement deal it will shorten my time and then I'll go flip burgers or something,LOL..... Andy

 

[EricBu12]

amen andy!! Been here 5 now, got a ways to go... . Done 15 total incl. this place.



The place here at watkins is really nice and the people are Human! hehe,... We just today got treated to a picnic (Food!) and minor league baseball game here in Salt Lake City... Our team lost but thats what this company does... . It tries to make you a part of the company,...



There are speak-up forms (comments, suggestions) that go right to the chairman (Mr. Clay Watkins) and he responds personally... Takes a couple of weeks but he does reply... Now that is Open Door Policy!



I met him [watkins] once at the truck driving championships here in Salt Lake City... Nicest guy I ever met... Didn't brush me off, talked to me, asked a few opinions from me and such... Wonderful guy.