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.