Stonepath Logistics expands into China
Stonepath Group, an international freight forwarder based in Seattle, said it has agreed to acquire a majority interest in Shaanxi Sunshine Express International Co. Ltd., a Shanghai, China-based logistics provider.
Ten-year old Shaanxi reported revenues in excess of $50 million in 2002.
Stonepath, which operates as Stonepath Logistics, will pay about $11 million ($3.5 million in cash, $2 million stock and the rest in based on future earnings) in exchange for 55 percent of Shaanxi's stock.
The transaction is expected to close within two or three months.
Stonepath Logistics expands into China
