Shanghai Jiayu Logistics
The largest trucking company in the United States, YRC Worldwide is buying Shanghai Jiayu Logistics, one of China’s largest trucking companies.
YRC paid $44.7 million for a 65% stake in the Chinese hauler, and expects to buy the rest of the company by 2010 for up to $39 million.
Technically YRC is a less-than-truckload transportation services provider and it is its subsidiary YRC Logistics—formerly known as Meridien IQ — which has made the purchase.
Shanghai Jiayu Logistics has more than 30,000 customers, 1,800 employees, 300 tractors, 200 locations and a 3,000+ vehicle network.
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.
Much more on this HERE.
Sources: Logistics Management