YRC Worldwide Sells Interest in Shanghai Jiayu Logistics Co., Ltd.
OVERLAND PARK, Kan., March 8, 2012 /PRNewswire/ -- YRC Worldwide Inc. (NASDAQ: YRCW) today announced the company has agreed to sell its interest in Shanghai Jiayu Logistics Co., Ltd. to its 35-percent joint venture partner.
"This is another important step in the continuing process to sharpen our focus on North American less-than-truckload (LTL) shipping. Our emphasis on core LTL services has resulted in significant increases in on-time service and our customers are responding very favorably," said James Welch, chief executive officer of YRC Worldwide. "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."
The completion of the transaction is subject to Chinese regulatory approval and expected to close in the second quarter of 2012. The terms of the deal were not disclosed.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is the holding company for a portfolio of successful brands including YRC Freight, YRC Reimer, Holland, Reddaway, and New Penn, and provides China-based services through its JHJ joint venture. YRC Worldwide has one of the largest, most comprehensive less-than-truckload (LTL) networks in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
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