OVERLAND PARK, Kan., Dec. 15, 2011 /PRNewswire/ -- YRC Worldwide Inc. (Nasdaq: YRCWD) today announced it sold a significant portion of the assets of its Glen Moore truckload operating subsidiary to Celadon Trucking Services, Inc., a subsidiary of Celadon Group Inc., one of North America's largest truckload carriers. Specific terms of the agreement were not disclosed.
"Less-than-truckload shipping is what we do best. Our efforts are precisely focused on regaining the North American market leader position in that segment," said James Welch, chief executive officer for YRC Worldwide, referring to the 220 years of combined big-shipment experience among YRC legacy brands. Welch went on to add, "To be the best LTL carrier, we must concentrate on operational excellence that delivers flexible, efficient transportation solutions with timeliness and predictability. This transaction helps us do that by simplifying our portfolio and streamlining our operations while still offering truckload services to interested customers through our provider relationships."
"This is an exciting opportunity for Celadon," said Paul Will, vice chairman, president and chief operations officer, Celadon Group. "Glen Moore is recognized as an award-winning truckload service provider with leading edge technologies. Its national, regional and dedicated fleet services augment our existing expertise, adding to our scale and accelerating our growth."
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The words "will" and similar expressions are intended to identify forward-looking statements. The company's future results could differ materially from any results projected in such forward-looking statements because of a number of factors, including (among others), the company's ability to generate sufficient cash flows and liquidity to fund operations, which raises substantial doubt about the company's ability to continue as a going concern, inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing
for rail service, ability to capture cost reductions, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation), the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the SEC, including the company's Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Report on Form 10-Q for the three months ended March 31, 2011, Quarterly Report on Form 10-Q for the three months ended June 30, 2011 and Quarterly Report on Form 10-Q for the three months ended September 30, 2011.
About Celadon
Celadon Group Inc. (http://www.celadongroup.com), through its subsidiaries, provides long-haul, full-truckload freight service across the United States, Canada and Mexico. The company also owns Celadon Logistics Services, which provides freight brokerage; less-than-truckload services; Celadon Dedicated Services, which provides supply chain management solutions, such as warehousing and dedicated fleet services; and owns a minority interest in TruckersB2B (http://www.truckersb2b.com) which provides
cost savings to member fleets.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services. It is the holding company for a portfolio of successful brands including YRC, YRC Reimer, Holland, Reddaway, and New Penn, and provides China-based services through its Jiayu and JHJ joint ventures. YRC Worldwide has one of the largest, most comprehensive less-than-truckload (LTL) networks in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial
and retail goods with confidence. Please visit www.yrcw.com for more information.
Web site: www.yrcw.com
Follow YRC Worldwide on Twitter: http://twitter.com/yrcworldwide
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Linden, Alschuler & Kaplan
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212-329-1420
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sdawson@lakpr.com
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SOURCE YRC Worldwide