YRC acquires Shanghai Jiayu Logistics

China - YRC Logistics has acquired a controlling 65% of Shanghai Jiayu Logistics for US$44.7 million.

Jiayu, one of the largest providers of truckload and less-than-truckload ground transportation services in China is expected to assist YRC Worldwide, parent company of YRC Logistics, to support the needs of both Chinese customers and large multinational companies.

"Since entering into the agreement with Jiayu in December 2007, we have seen strong customer interest, and we believe the comprehensive services have a tremendous appeal to the China market and to our customers based in the US," said Jim Ritchie, President and CEO of YRC Logistics.

The company expects to purchase the remaining 35% of Jiayu in 2010 for an amount not exceeding US$39 million, as determined by the level of Jiayu's 2008-2009 financial performance.