YRC Logistics successfully closed its acquisition of Shanghai Jiayu Logistics, one of the largest truckload and less-than-truckload transportation providers in China.
Jiayu brings more than 30,000 customers, 1,800 employees, 200 locations and a network of more than 3,000 vehicles into YRC Worldwide.
"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, president and chief executive of YRC Worldwide. "Shanghai Jiayu Logistics represents a key link in building an end-to-end supply chain capability."
-- Thomas Gallagher, Traffic World
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.