YRC sells business unit to Greatwide Logistics
YRC Logistics has sold its U.S. dedicated contract carriage business to Greatwide Logistics Services.
The sale includes customer contracts and the trucks and trailers used in this portion of the YRC Logistics portfolio.
“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, including transportation, distribution and global services,” said John Carr, president of YRC Logistics, in a statement.
“We have met with the clients involved and their response has been very supportive,' Carr said. 'They realize the dedicated fleet service is an integral part of the Greatwide portfolio and they understand this decision is the right thing for everyone involved.”
About 600 employees will be affected by the transaction. Greatwide will work with YRC Logistics to simplify the employee transition from one company to the other. The purchase price of $34 million will be used to pay down the company’s revolving credit facility.
YRC sells business unit to Greatwide Logistics
