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.