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Shipping News Yellow Buys Roadway
July 8, 2003
OVERLAND PARK, Kan. and AKRON, Ohio—Yellow Corporation and Roadway Corporation, two of the most widely recognized brand names in the transportation industry, have announced that they have entered into a definitive agreement under which Yellow Corporation will acquire Roadway Corporation for approximately $966 million to create one of the world's largest shipping companies. The merged company would be named Yellow-Roadway Corp. and should have more than $6 billion in revenue, or about 15 percent of the $38 billion U.S. market for shared-loads freight transport. The combination would solidify Yellow's top spot among less-than-truckload carriers, which transport cargoes for two or more customers on the same vehicle and operate a network of terminals for switching loads. "We're excited about the potential of this merger. While there will be no change in the immediate future to the freight programs PartnerShip offers, I'm sure there will be more opportunities for expanded services for members down the road," says John Finucane, managing director, PartnerShip. For more information on Yellow's acquisition of Roadway, go to www.myyellow.com. Updates on this merger will be posted here at www.partnership.com as they come in. |
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