YRC Worldwide Inc. has a preliminary agreement to buy Shanghai Jiayu Logistics Ltd., one of the largest providers of less-than-truckload ground transportation services in China.
In a release after the market closed on Tuesday, Overland Park-based YRC Worldwide said that Shanghai Jiayu Logistics has more than 30,000 customers, 1,600 employees, 300 tractors and a network of more than 3,000 vehicles.
In a filing with the Securities and Exchange Commission, YRC Worldwide said that it also is considering buying other companies in China and that it expects the combined purchase price for Shanghai Jiayu Logistics and the other companies not to exceed $115 million.
"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," YRC Worldwide Chairman Bill Zollars said in the release.
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