Stonepath Logistics Sells Two International Units

September 7, 2006 9:44 AM, EDT

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tonepath Group will sell its Stonepath Logistics International Services unit to JTM Acquisition Corp. for $17.9 million, the company said Wednesday.

As part of the sale, JTM will pay Stonepath $12.2 million in cash and assume a portion of Stonepath’s debt, the company said in a statement.

Stonepath also said it expects to sell its Stonepath Logistics (Germany) GmbH unit to JTM for $100,000.

The company said it will record a loss of about $3.5 million on the sales and use the proceeds to reduce its debt.

Stonepath expects the sales to be completed by Oct. 16.

Stonepath Group is ranked No. 46 on the 2006 Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.