Motorcar Parts of America Acquires Heavy Duty Rotating Electrical Products Company
January 10 2019 - 9:00AM
Motorcar Parts of America, Inc.
(Nasdaq:MPAA)
today announced it has acquired Ontario, Canada-based Dixie
Electric, Ltd. in a stock purchase transaction. Terms were not
disclosed.
“The acquisition of Dixie Electric, Ltd., founded
in 1968, adds growth with a solid customer base, innovative
products, enhanced heavy-duty expertise and a dedicated team of
professionals,” said Selwyn Joffe, chairman, president and chief
executive officer of Motorcar Parts of America, Inc.
“We look forward to benefiting from Motorcar Parts
of America’s market leadership within the rotating electrical
market, as well as its strong financial position to further enhance
Dixie’s strategic growth initiatives, product development and
customer-service programs,” said Angelo Bucciol, president and
founder of Dixie Electric, Ltd.
Peter Murnen, a veteran of the aftermarket industry
and most recently vice president of marketing for Motorcar Parts of
America based in the corporate office in California, will relocate
to Ontario, Canada to serve as chief operating officer.
“Dixie’s heavy-duty manufacturing strength and
footprint, with distribution locations in Canada and the United
States -- in addition to a manufacturing presence in India, offers
significant opportunities for growth, and I look forward to joining
the team,” said Pete Murnen.
He noted that Dixie operates within the industrial,
agricultural, construction, transportation and mining segments –
serving both OE and aftermarket customers.
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.
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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