Monday, March 12, 2012
YRC dumps holding in Chinese trucker joint venture
YRC Worldwide Inc., continuing its efforts to shed assets not directly related to its core North American less-than-truckload business, said it has sold its 65-percent interest in Chinese trucker Shanghai Jiayu Logistics Co. Ltd., to its Chinese joint venture partner. YRC declined to identify the Chinese company or disclose terms of the transaction.
The disposal of the Jiayu asset squares with new CEO James L. Welch's plan to focus on YRC's domestic longhaul LTL network, recently renamed YRC Freight; its three U.S.-based regional LTL units, New Penn, Holland, and Reddaway; and its Canadian LTL unit, YRC Reimer. Late last year, Welch jettisoned YRC's money-losing Glen Moore truckload unit, calling it a "distraction" to his efforts to streamline the business around LTL operations.
Prior to Welch's joining the company last summer, YRC sold its dedicated contract carriage business and virtually all of its logistics division. Full Story.........