LOS ANGELES, Jan. 02, 2019 (GLOBE NEWSWIRE) -- 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 Statements
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. 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.