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Archive for Wednesday, June 27, 2007

YRC to acquire Chinese carrier

June 27, 2007

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Trucking company YRC Worldwide Inc. said Tuesday it had signed a preliminary agreement to acquire Shanghai Jiayu Logistics Ltd., one of the largest less-than-truckload carriers in China.

The Chinese company has a network of more than 3,000 vehicles and serves 30,000 customers.

Overland Park-based YRC said it would determine a price and completion date for the acquisition during subsequent negotiations.

"Initially this acquisition will allow us to build a service network that will provide greater reliability for our customers as they move shipments within China as well as provide seamless, end-to-end service for international movement in the critical U.S.-China trade lane," said Bill Zollars, YRC's chairman and chief executive, in a news release.

Also Tuesday, YRC said it was changing the name of its main logistics subsidiary, Meridian IQ, to YRC Logistics. YRC shares, which have traded in a 52-week range of $35.27 to $47.09, lost 82 cents to close at $37.39 in trading Tuesday.

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