YRC acquires Chinese provider Jiayu Logistics
YRC Worldwide has announced that its wholly-owned subsidiary, YRC Logistics, has successfully concluded its acquisition of Chinese truckload and LTL provider Shanghai Jiayu Logistics Co., Ltd.
YRC Logistics acquired 65% of Jiayu’s stock for $44.7 million, and the company expects to purchase the remaining 35% in 2010 for no more than $39 million, depending on Jiayu’s 2008-2009 financial performance.
Jiayu’s 30,000 customers, 1,800 employees, 200 locations and 3,000 vehicles will provide a platform for YRC Worldwide to support the needs of local Chinese customers and large multinational companies with transportation needs in China, the company said.
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