YRC Worldwide, a provider of less-than-truckload transportation services, has announced that its wholly owned subsidiary YRC Logistics has successfully closed its acquisition of Shanghai Jiayu Logistics, a provider of truckload and less-than-truckload ground transportation services in China.
With over 30,000 customers, 1,800 employees, 200 locations and a network of more than 3,000 vehicles, Jiayu is expected to provide an ideal platform for YRC Worldwide to support the needs of both local Chinese customers and large multinational companies with transportation requirements in China.
YRC Logistics acquired 65% of the stock of Jiayu for $44.7 million. YRC Logistics expects to purchase the remaining 35% interest in 2010, for an amount not to exceed $39 million, as determined by the level of Jiayu's 2008-09 financial performance.
Jim Ritchie, president and CEO of YRC Logistics, said: "Since entering into the agreement with Jiayu in December 2007, we have seen strong customer interest, and we believe the comprehensive services have a tremendous appeal to the China market and to our customers based in the US."
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