Arrow Automotive Signs Letter of Intent With Motorcar Parts and Accessories, Inc.CONWAY, Ark.--(BUSINESS WIRE)--Sept. 21, 1998--Arrow Automotive Industries (ASC ASC Ambulatory surgery center, see there :AI) has announced that it has signed a Letter of Intent with Motorcar Parts and Accessories, Inc. of Torrance, CA (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MPAA MPAA abbr. Motion Picture Association of America ) to sell certain of Arrow's operating assets Operating Assets Another term for working capital. , including its electrical parts division and its clutch and crankshaft remanufacturing division, for a combination of cash and the assumption of certain liabilities. Arrow will continue to own its real estate located in Morrilton, Arkansas and Spartanburg, South Carolina Spartanburg is the largest city and the county seat of Spartanburg CountyGR6 in South Carolina, and is the second-largest city of the three primary cities in the Upstate region of South Carolina. . The sale of Arrow's electrical division and its clutch and crankshaft remanufacturing division would be part of Arrow's continuing efforts in analyzing strategic alternative to maximize shareholder value, including the possible divestiture of some or all of Arrow's remaining assets. Arrow remanufactures a variety of replacement parts for domestic and imported vehicles for distribution throughout the United States and Canada. Motorcar is a leading manufacturer of alternators and starters for both imported and domestic cars and light trucks in the United States and Canada. |
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