YRC Worldwide Inc. on Thursday, March 8, announced it has agreed to sell its interest in Shanghai Jiayu Logistics Co. Ltd. to its 35-percent joint venture partner. The completion of the transaction, terms of which were not disclosed, is subject to Chinese regulatory approval and expected to close in the second quarter.
“This is another important step in the continuing process to sharpen our focus on North American less-than-truckload shipping,” said James Welch, chief executive officer of Overland Park, Kan.-based YRC Worldwide. “Our emphasis on core LTL services has resulted in significant increases in on-time service, and our customers are responding very favorably. 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.”