YRC Selling Stake in Chinese Firm
YRC Worldwide said late Thursday it is selling its stake in Chinese firm Shanghai Jiayu Logistics, its 35% joint-venture partner. Terms were not disclosed.
YRC completed the acquisition of Shanghai Jiayu, one of China’s largest less-than-truckload companies, in 2008. The Chinese entity has more than 1,800 employees, 30,000 customers and 3,000 vehicles.
“This is another important step in the continuing process to sharpen our focus on North American LTL shipping,” said YRC’s CEO James Welch. “Our emphasis on core LTL services has resulted in significant increases in on-time service and our customers are responding very favorably.”
“This transaction allows us to further simplify our portfolio and streamline our operations as we concentrate on regaining the North American LTL market leader position,” he said in a statement.
The completion of the transaction is subject to Chinese regulatory approval and expected to close in the second quarter, YRC said.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
