YRC Completes Deal to Buy Chinese LTL Firm
Less-than-truckload carrier YRC Worldwide said Tuesday it closed a previously announced deal to buy Chinese LTL firm Shanghai Jiayu Logistics.
YRC Worldwide’s YRC Logistics unit bought 65% of the Chinese firm’s stock of for $44.7 million and will buy the remaining 35% in 2010 for up to $39 million, with the exact amount to be determined Jiayu's 2008-09 financial performance.
Shanghai Jiayu Logistics is one of China’s largest LTL companies, with more than 1,800 employees, 30,000 customers and more than 3,000 vehicles. YRC first announced the deal last December.
“By virtue of Jiayu’s mature network and well developed operational resources, we can help our customers to improve transportation reliability, compliance, data integrity and visibility for their shipments in China,” said Bill Zollars, chairman and chief executive officer of YRC Worldwide.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
