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March 9, 1999 1:40 PM, EST

USF Logistics, a unit of USFreightways Corp. of Rosemont, Ill., acquired Processors Unlimited, a company that provides reverse logistics services to the grocery and drug industries.

Founded in 1979 by three Procter & Gamble executives, Dallas-based Processors Unlimited operates 46 product return centers and recently set up an Internet auction site dedicated to business-to-business trading of overstocked, returned, discontinued or odd lot goods.

Kevin Sheehan, president of Processors Unlimited, said the combination of USF’s “forward” logistics and his company’s “reverse” logistics will provide a complete logistics service for clients.

USF Logistics President Doug Christensen said Processors Unlimited is the dominant provider of reverse logistics to the grocery and drug industries and is “rapidly expanding its market position in other industries using its proprietary technology and business processes.”

Processors Unlimited employs more than 1,000 people and generates annual revenue of about $46 million, USF said.

Terms of the acquisition were not announced. According to Christensen, Processors Unlimited was purchased from a group of passive investors. He stressed that Sheehan and four other senior managers will continue to manage the business for USF Logistics.

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