Standard Motor Products Announces Acquisition of Automotive Ignition Wire Business Of General Cable

Standard Motor Products Announces Acquisition of Automotive Ignition Wire Business Of General Cable

The acquisition will include the purchase of General Cable’s automotive ignition wire business in North America as well as a subsidiary in Mexico.

NEW YORK — Standard Motor Products announced that it has signed a definitive agreement to acquire General Cable Corp.’s automotive ignition wire business for approximately $71 million, subject to post-closing adjustments. The acquisition will include the purchase of General Cable’s automotive ignition wire business in North America as well as a subsidiary in Mexico. The 2015 sales volume for this business was approximately $96 million.
SMP will fund the acquisition, as well as the one-time costs for acquisition and integration expenses, in cash through borrowings under its revolving credit facility. The transaction is expected to close in the near future. The integration process of the acquired business will take approximately 12-18 months.
Eric Sills, Standard Motor Products’ chief executive officer and president, stated, “We are very pleased to announce this acquisition. General Cable is a fine company with a long and successful history in this field. They supply some of the most prestigious customers in the industry. Our goal will be to maintain the best features of both companies to become the best possible ignition wire supplier to all General and SMP customers.”
“We believe the acquisition will be accretive to earnings in year one, excluding one-time integration costs.”

 

You May Also Like

Auto Care Association Leaders Visit Northwood University

Auto Care President and CEO Bill Hanvey was the guest lecturer for several Northwood automotive aftermarket courses at its Midland campus.

Bill Hanvey Auto Care Northwood

Photo caption: Bill Hanvey, president and CEO, Auto Care Association (pictured on the right), teaches an automotive aftermarket course during a recent visit to Northwood University in Midland, Michigan.

Leaders from the Auto Care Association recently visited Northwood University to meet with students enrolled in automotive aftermarket courses.

MEMA Aftermarket Suppliers Achieves UAF Gold Lifetime Trustee Status

The designation goes to “outstanding donors who significantly support the UAF’s mission.”

MEMA UAF Gold Lifetime Trustee
ASE Ed. Foundation, Auto Dealer Associations Tackle Tech Shortage

Three student competitions are currently scheduled for 2024, with more being planned.

ASE Education Foundation Auto Dealers
Northwood U Announces 2024 Class of 20 Under 40 Honorees

The program recognizes NU alumni who are ambitious professionals doing great things in their careers, organizations or communities.

Northwood University 20 Under 40
Two NexaMotion Units Expand Product Offerings, Open New Locations

Transtar Industries and C&M Auto Parts are expanding.

NexaMotion Expanding

Other Posts

GPC Reports 2023 Results, Announces Global Restructuring Program

The restructuring includes a voluntary retirement offer in the United States.

AutoPartSource/Momentum USA Receives O’Reilly’s Sales & Service Award

This is the second year in a row that O’Reilly has honored AutoPartSource/Momentum USA with the award.

Momentum USA OReilly
Kalitta Motorsports, Dayco Announce Partnership, Distributor Agreement

Dayco will have branding on J.R. Todd’s DHL GR Supra funny car, and Kalitta is the exclusive at-track distributor of Dayco 11-mm racing blower belts for nitro engines.

Dayco Kalitta