YRC Worldwide to buy Chinese LTL firm Jiayu
Kansas-based YRC Worldwide Inc. has entered into a preliminary agreement to acquire Shanghai Jiayu Logistics Ltd., one of China’s largest providers of less-than-truckload ground transportation services. No financial details were released.
The Chinese firm has more than 30,000 customers, 1,600 employees, 300 tractors and a network of some 3,000 vehicles.
“Initially this acquisition will allow us to build a service network that will provide greater reliability for our customers as they move shipments within China, as well as provide seamless, end-to-end service for international movement in the critical U.S.-China trade lane,” said Bill Zollars, YRC Worldwide’s chairman, president and chief executive officer. “Our existing freight forwarding and logistics joint ventures have provided the base for this strategy. The acquisition of Jiayu will further advance this objective by significantly expanding our scale and capabilities in China.”
Completion of the transaction is subject to final due diligence, the parties entering into a definitive acquisition agreement, and board and regulatory approvals.
YRC Worldwide is the holding company for a portfolio of brands including Yellow Transportation, Roadway, Reimer Express, YRC Logistics (formerly Meridian IQ), New Penn, USF Holland, USF Reddaway and USF Glen Moore.