More news from China, but this development does not involve the Olympic Games or Beijing.
YRC Worldwide is buying one of China’s largest trucking companies.
According to a news release on YRC’s Web site, the company has acquired 65 percent of Shanghai Jiayu Logistics Co. for $44.7 million. The company has 30,000 customers, 1,800 employees, 200 locations and more than 3,000 vehicles.
YRC plans to acquire the remaining 35 percent of the company by no later than 2010.