NEW
YORK, Sept. 1, 2021 /PRNewswire/ --
Standard Motor Products, Inc. (NYSE: SMP), a leading automotive
parts manufacturer and distributor, announced today that it has
acquired 100% of the capital stock of Stabil Operative Group GmbH,
a German company ("Stabil"). Stabil is a manufacturer and
distributor of a variety of components, including electronic
sensors, control units, and clamping devices to the European OE
market, servicing both commercial and light vehicle applications.
Stabil generates approximately $25
million in annual revenue and has facilities in
Germany and
Hungary.
SMP will fund the acquisition in cash through borrowings
under its revolving credit facility. It is anticipated
the acquisition will be accretive to diluted earnings per share in
2022.
Mr. Eric Sills, Standard
Motor Products' Chief Executive Officer and President, stated, "We
are very pleased to announce this acquisition, which fits very well
with our strategy to expand beyond our core aftermarket business
into complementary areas. Headquartered on the outskirts of
Stuttgart, Germany, Stabil gives
us exposure to a diversified group of blue chip European commercial
and light vehicle OE customers, provides us with experienced sales
and engineering teams, expands our product portfolio, increases our
global manufacturing footprint, and creates positive synergies with
our existing operations in Poland.
We welcome Stabil and its approximately 230 employees to the SMP
family."
Under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, Standard Motor Products cautions
investors that any forward-looking statements made by the company,
including those that may be made in this press release, are based
on management's expectations at the time they are made, but they
are subject to risks and uncertainties that may cause actual
results, events or performance to differ materially from those
contemplated by such forward-looking statements. Among the factors
that could cause actual results, events or performance to differ
materially from those risks and uncertainties discussed in this
press release are those detailed from time-to-time in prior press
releases and in the company's filings with the Securities and
Exchange Commission, including the company's annual report on Form
10-K and quarterly reports on Form 10-Q. By making these
forward-looking statements, Standard Motor Products undertakes no
obligation or intention to update these statements after the date
of this release.
View original
content:https://www.prnewswire.com/news-releases/standard-motor-products-inc-announces-acquisition-of-stabil-group-301366710.html
SOURCE Standard Motor Products, Inc.