LOS ANGELES, Aug. 28, 2008 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced it has completed the acquisition of certain assets of Suncoast Automotive Products, Inc., a privately held company based in Pompano Beach, Florida, specifically its new and remanufactured alternators and starters operation. Terms were not disclosed.
"This transaction continues our acquisition strategy and enhances the company's market share in North America through Suncoast's existing business relationships in the professional installer segment. On an annualized basis, we anticipate additional net sales of at least $4.0 million. We look forward to building new relationships and further growth opportunities in these markets," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America, Inc.
Separately, the company said its credit facility with Union Bank of California, N.A. has been increased to $40 million from $35 million. The company indicated that the credit facility is available for future acquisitions, greenfields, working capital and general corporate purposes. The facility is scheduled to expire on October 1, 2009.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters for imported and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada. The company's facilities are located in California, Tennessee, Mexico, Malaysia and Singapore. Additional information is available at www.motorcarparts.com
The 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, including the expected benefits of the acquisition , the company's ability to retain the customer base of the acquisition, and realize the anticipated synergies of its manufacturing and sales organization. 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 2007 and in its Form 10-Qs filed with the SEC thereafter 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.