NEW
YORK, Oct. 5, 2022 /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 Kade Trading GmbH,
headquartered in Glinde, Germany.
Founded in 2004, the company has operated across Europe as a supplier of mobile temperature
control components to commercial vehicle, passenger car and
specialty equipment markets, and has been a distributor of SMP
products including electric compressors, hose assemblies and
receiver dryers. The company generated approximately $6 million in annual revenue during 2021. SMP
will fund the acquisition in cash through borrowings under its
revolving credit facility.
![(PRNewsfoto/Standard Motor Products, Inc.) (PRNewsfoto/Standard Motor Products, Inc.)](https://mma.prnewswire.com/media/626464/SMP_Logo.jpg)
Mr. Eric Sills, Standard Motor
Products' Chief Executive Officer and President, stated, "We are
pleased to announce the acquisition of Kade Trading and to welcome
the employees to the SMP family. Their well-established customer
relationships further strengthen our overall presence in
Europe, and provides synergies to
our other recent specialized non-aftermarket channel acquisitions.
Furthermore, this acquisition will provide SMP with an entry point
into the European market for our temperature control products with
a strong focus on the continuing electrification of thermal
systems.
"While still a relatively small business, we believe product
categories such as electric compressors along with new
complementary specialized products will expand market penetration
into the EV segment as the demand throughout Europe evolves over time."
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.
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SOURCE Standard Motor Products, Inc.