YRC sells off part of logistics unit
Greatwide Logistics Services acquires YRC Logistics' U.S. dedicated contract carriage business in $34 million deal.
YRC Worldwide Inc. said Nov. 24 that its YRC Logistics unit had sold its U.S. dedicated contract carriage business for $34 million to Greatwide Logistics Services LLC, a leading provider of dedicated services in North America.
The sale includes customer contracts and the trucks and trailers used in this portion of the YRC Logistics portfolio, YRC said. The proceeds will be used to help pay down YRC's debt.
"This sale is a strategic move toward a more asset-light business model and aligns resources at YRC Logistics to focus on our core offerings, including transportation, distribution, and global services," John Carr, president of YRC Logistics, said in a statement.
Greatwide is working with YRC Logistics to place the 600 employees working at the YRC operation, YRC said.
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Executive Editor - News
Mark Solomon joined DC VELOCITY as senior editor in August 2008, and was promoted to his current position on January 1, 2015. He has spent more than 30 years in the transportation, logistics and supply chain management fields as a journalist and public relations professional. From 1989 to 1994, he worked in Washington as a reporter for the Journal of Commerce, covering the aviation and trucking industries, the Department of Transportation, Congress and the U.S. Supreme Court. Prior to that, he worked for Traffic World for seven years in a similar role. From 1994 to 2008, Mr. Solomon ran Media-Based Solutions, a public relations firm based in Atlanta. He graduated in 1978 with a B.A. in journalism from The American University in Washington, D.C.
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