YRC Worldwide (YRCW) Will Sell Interest in Shanghai Jiayu Logistics to JV Partner
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YRC Worldwide Inc. (Nasdaq: YRCW) 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.
"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.
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