YRC Logistics expands in China

Trucking firm pays $44.7 million for a controlling stake in Shanghai Jiayu Logistics Co.

By Dave Hannon -- Purchasing, 8/19/2008 8:45:00 AM

U.S. trucking giant YRC Logistics, parent of Yellow and Roadway, has spent $44.7 million to gain a controlling 65% stake in China’s fourth-largest trucking firm Shanghai Jiayu Logistics Co. YRC plans to acquire the remaining 35% in 2010.

In a statement released on the deal, YRC officials said “With over 30,000 customers, 1,800 employees, 200 locations and a network of more than 3,000 vehicles, Jiayu provides an ideal platform for YRC Worldwide to support the needs of both local Chinese customers and large multinational companies with transportation requirements in China.”

The deal was originally announced in December at which time YRC said the highest it would pay would be $43 million.

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