Transportation firm Yellow Roadway Corp. said Thursday that it had finalized its deal to buy half of the second-largest air freight importer in China.
Yellow also said its Meridian IQ logistics subsidiary has entered an agreement with Yellow's Chinese partner, JHJ International Transportation Co., to form a joint logistics company in China.
The Overland Park, Kan., company announced in June that it had paid $45 million to buy out all or part of four other partners in JHJ. Yellow will have 50 percent ownership of JHJ with Shanghai Jin Jiang International Industrial Investment Co.
JHJ, which also provides ocean freight forwarding and logistics services, has 22 locations in China and has annual revenue of $330 million.
Yellow said the acquisition will add slightly to annual earnings this year.
No comments:
Post a Comment