YRC Worldwide acquires China trucking firm

YRC Logistics acquired 65 percent of the stock of Shanghai Jiayu Logistics Co. Ltd. for $44.7 million.

The Trucker News Services

8/19/2008

SHANGHAI, China and OVERLAND PARK, Kan. — YRC Worldwide reported Tuesday that YRC Logistics has successfully closed its acquisition of Shanghai Jiayu Logistics Co. Ltd., one of the largest providers of truckload and less-than-truckload ground transportation services in China.

With more than 30,000 customers, 1,800 employees, 200 locations and a network of more than 3,000 vehicles, the Jiayu deal is designed to provide a platform for YRC Worldwide to support the needs of local Chinese customers and large multinational companies with transportation requirements in China.

YRC Logistics acquired 65 percent of the stock of Jiayu for $44.7 million. YRC Logistics expects to purchase the remaining 35 percent interest in 2010, for an amount not to exceed  $39 million, as determined by the level of Jiayu’s 2008-09 financial performance, according to the YRC statement.

YRC Worldwide Inc.’s brand including Yellow Transportation, Roadway, Reimer Express, YRC Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen Moore.