YRC Logistics, a segment of YRC Worldwide Inc., has sold its U.S. dedicated contract carriage business to Greatwide Logistics Services, a 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.
“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,” explains John Carr, president of YRC Logistics.
There are approximately 600 employees involved in the transaction; Greatwide is working with YRC Logistics to simplify employee transition from one company to the other. The purchase price of $34 million will be used to pay down the company’s revolving credit facility and, in accordance with the recent amendment, will be applied to the new revolver reserve.