Araneta family folds in 4 US-based affiliate firms into LBC
Logistics giant LBC Express Holdings Inc. of the Araneta family is acquiring four affiliate cargo and remittance companies based in the US to boost its revenue stream.
In a stock exchange filing, LBC said its board of directors approved the purchase of LBC Mundial Corp., LBC Mabuhay Saipan, Inc., LBC Mabuhay Hawaii Corp. and LBC Mabuhay North America Corp. for $8.5 million in cash.
“The acquisition is expected to benefit the company by contributing to its global revenue stream,” LBC said.
The biggest of the four the acquisitions is LBC Mundial, which operates as a cargo and remittance company in California. it was acquired for $6.86 million.