LOS ANGELES, April 24, 2008 (PRIME NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced it has signed a definitive purchase agreement to acquire certain assets of Automotive Importing Manufacturing, Inc., a privately held company based in Rancho Cordova, CA., specifically its operation which produces new and remanufactured alternators and starters. Terms were not disclosed.
The transaction, subject to various conditions and approvals, is expected to close by May 16, 2008.
"This acquisition will add to our customer base and provide product line expansion, including the addition of heavy duty truck business. We anticipate a seamless integration once the transaction is completed, with a commitment to enhanced customer service and synergies," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America, Inc.
About Automotive Importing Manufacturing, Inc. (AIM)
Automotive Importing Manufacturing supplies alternators and starters for imported and domestic passenger vehicles, light and heavy trucks and a variety of industrial and OE applications. Its products are sold under Talon, Xtreme and other brand names.
Pending completion of the acquisition by Motorcar Parts of America, AIM will cease its remanufacturing operation in Rancho Cordova, CA and Mexicali, Mexico. Its current management will retain ownership of AIM Parts. Additional information is available at www.aimpowerinmotion.com
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles and light trucks. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities 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 closing of the transaction , 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 factor. 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.