Con-way Inc. acquires China’s Chic Logistics for $60 million

Menlo Worldwide LLC, the global logistics subsidiary of San Mateo-based transportation and freight company Con-way Inc. (CNW), has agreed to acquire the privately held Chic Holdings Ltd. and its subsidiaries and holdings for $60 million plus an undisclosed future earn-out incentive.

Chic, based in Shanghai, China, provides third-party logistics and transportation management services in China and had revenues of $55.2 million in 2006.

Chic Logistics is Con-way’s third acquisition since June. The company has put nearly $1 billion into acquisitions in that time.

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