LOS ANGELES, Jan. 10, 2019 (GLOBE NEWSWIRE) -- 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 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.
CONTACT:
Gary S. Maier
(310) 471-1288