Standard Motor Products acquires Stoneridge's Pollak business assets and liabilities.
M2 EQUITYBITES-April 2, 2019--Standard Motor Products acquires Stoneridge's Pollak business assets and liabilities
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Auto Business News - 02 April 2019
Standard Motor Products Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, has acquired certain assets and liabilities of Stoneridge Inc's Pollak business.
The deal is valued at around USD40m, subject to post-closing adjustments.
The acquisition was funded through borrowings under the company's revolving credit facility. SMP will be relocating all production to existing SMP locations, and is not acquiring any of the Pollak locations or employees. It is expected that the business will be completely integrated within 12 months.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Apr 2, 2019|
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