YRC Sells Contract Carriage Business to Greatwide Logistics

YRC Worldwide said it has sold its dedicated contract carriage business to Greatwide Logistics Services for $34 million.

The transaction includes customer contracts, trucks, trailers and about 600 employees, all of which were part of the contract carriage unit within the YRC Logistics segment, YRC said in a statement Tuesday.

“This sale is a strategic move toward a more asset-light business model and aligns resources at YRC Logistics to focus on our core offerings,” said John Carr, president of YRC Logistics.

YRC said its clients have been “very supportive” of the sale and that Greatwide is working with YRC to simplify the transition for the employees involved.

YRC will use the money from the purchase to pay down its revolving credit facility.

YRC Worldwide is ranked No. 21 on the Transport Topics 50 listing of U.S. and Canadian logistics companies.