YRC Worldwide Inc. announced Tuesday, July 26, that it has entered into a preliminary agreement to acquire Shanghai Jiayu Logistics Ltd., one of the largest providers of less-than-truckload ground transportation services in China. Also, Meridian IQ, a wholly owned subsidiary of YRC Worldwide Inc., announced it will change its name to YRC Logistics to better reflect the company’s expertise in logistics and its relationship to YRC Worldwide.
Jiayu has more than 30,000 customers, 1,600 employees, 300 tractors and a network of more than 3,000 vehicles. Terms of the transaction were not announced.
“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,” says Bill Zollars, chairman, president and chief executive officer of Overland Park, Kan.-based YRC Worldwide. “Our existing freight forwarding and logistics joint ventures have provided the base for this strategy. The acquisition of Jiayu will further advance this objective by significantly expanding our scale and capabilities in China.”
The newly branded YRC Logistics will fulfill the global logistics services of the YRC Worldwide companies. The global operations of YRC Logistics span 170 offices and 76 countries in Asia, Europe, North America and South America.
“We continue to add to the breadth and depth of our logistics services, and the new name, YRC Logistics, is a clear signal to our clients and the market, of our ever-increasing global footprint,” says Jim Ritchie, president and CEO of YRC Logistics. “Our aggressive growth strategies can deliver substantial benefits to our existing and prospective clients worldwide as we continue to make investments in the future. Changing our name clearly connects YRC Logistics with the scale and strength of YRC Worldwide.”