YRC Changes Logistics Unit’s Name; Will Buy Chinese Firm
YRC Worldwide said that it has changed the name of its logistics unit Meridian IQ to YRC Logistics, and that it has entered into a preliminary agreement to buy a big Chinese logistics and trucking company.
YRC will buy Shanghai Jiayu Logistics Ltd., one of the China’s largest providers of less-than-truckload ground transportation services with more than 1,600 employees, 30,000 customers, 300 tractors and 3,000 vehicles, the company said late Tuesday.
The company’s “existing freight forwarding and logistics joint ventures have provided the base for this strategy,” said Bill Zollars, Chairman and chief executive officer of YRC Worldwide. “The acquisition of Jiayu will further advance this objective by significantly expanding our scale and capabilities in China.”
Terms of the pending deal were not released. Zollars said in November that YRC planned to make acquisitions in China.
About the name change of Meridian, Jim Ritchie, YRC Logistics’ chief executive officer, said, “We continue to add to the breadth and depth of our logistics services, and the new name . . . is a clear signal to our clients and the market of our ever-increasing global footprint.”
YRC Worldwide is ranked No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
