USF sells off freight-forwarding subsidiaries

Oct. 18, 2002
USFreightways Corp. (USF) said today that GPS Logistics Inc. and Seko Worldwide Acquisition LLC have agreed to acquire USF Worldwide Inc. and USF Worldwide Logistics (UK) Ltd., USF's freight-forwarding subsidiaries. USF president & CEO Samuel K. Skinner said the agreement would free it to concentrate on the growth and profitability of its core LTL, truckload and logistics operations. Skinner said
USFreightways Corp. (USF) said today that GPS Logistics Inc. and Seko Worldwide Acquisition LLC have agreed to acquire USF Worldwide Inc. and USF Worldwide Logistics (UK) Ltd., USF's freight-forwarding subsidiaries.

USF president & CEO Samuel K. Skinner said the agreement would free it to concentrate on the growth and profitability of its core LTL, truckload and logistics operations.

Skinner said the transaction is expected to close on or before October 31. Terms of the contract were not disclosed, but will be discussed when the company holds its yet to be scheduled third-quarter conference call.

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