Motorcar Parts of America Expands Position Within Electric Vehicle Testing Market With Acquisition of E&M Power
January 02 2019 - 8:30AM
Motorcar Parts of America, Inc.
(Nasdaq:MPAA)
today announced it has acquired Binghamton, New York-based E&M
Power in an asset purchase transaction. Terms were not disclosed.
“The acquisition of E&M Power complements the
industry position of D&V Electronics, our wholly owned
subsidiary, and expands its electric vehicle powertrain portfolio.
In addition, the acquisition provides entry into the
aerospace market through E&M’s unique technology and its key
customer relationships. The increasing complexity and development
of electric powertrain systems are important catalysts for growth,
and this acquisition further establishes us as a leader in this
market,” said Selwyn Joffe, chairman, president and chief executive
officer of Motorcar Parts of America, Inc.
“E&M’s advanced power emulators for hybrid and
electric vehicle motor development and its DC emulator capabilities
for microgrid and energy storage greatly enhance our market
position – providing highly respected technology, operational
synergies and future growth opportunities,” said William J. Hardy,
chief executive officer of D&V Electronics.
Industry sources estimate the global automotive
powertrain testing market is approximately $11.7 billion per annum,
enhanced by the ever-increasing complexity of automotive systems,
and the global active load emulator and DC emulator market is
estimated to be $250 million, and growing.
“We look forward to exciting sales synergies as we
combine the unique technologies of E&M Power and D&V
Electronics, which target the same key customers in the automotive
industry. In addition, our combined technologies will offer
exciting expansion opportunities in the aerospace industry,” said
Dave Eddy, president and co-founder of E&M Power.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a
remanufacturer, manufacturer and distributor of automotive
aftermarket parts -- including alternators, starters, wheel bearing
and hub assemblies, brake master cylinders, brake power boosters,
rotors, brake pads and turbochargers utilized in imported and
domestic passenger vehicles, light trucks and heavy-duty
applications. Motorcar Parts of America’s products are sold
to automotive retail outlets and the professional repair market
throughout the United States and Canada, with facilities located in
California, Mexico, Malaysia and China, and administrative offices
located in California, Tennessee, Mexico, Singapore, Malaysia and
Canada. In addition, the company develops, designs and
manufactures testing solutions for performance, endurance and
production testing of alternators, starters, electric motors,
batteries, inverters and belt starter generators for both the OE
and aftermarket. Additional information is available at
www.motorcarparts.com. Additional information about D&V
Electronics is available at www.dvelectronics.com.
Forward-Looking StatementsThe
Private Securities Litigation Reform Act of 1995 provides a “safe
harbor” for certain forward-looking statements. The statements
contained in this press release that are not historical facts are
forward-looking statements based on the company’s current
expectations and beliefs concerning future developments and their
potential effects on the company. These forward-looking statements
involve significant risks and uncertainties (some of which are
beyond the control of the company) and are subject to change based
upon various factors. Reference is also made to the Risk
Factors set forth in the company’s Form 10-K Annual Report filed
with the Securities and Exchange Commission (SEC) in June 2018 and
in its Forms 10-Q filed with the SEC for additional risks and
uncertainties facing the company. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as the result of new information, future events
or otherwise.
CONTACT:
Gary S. Maier
(310) 471-1288
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