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SMP to acquire Stoneridge's Pollak business
Standard Motor Products, an automotive replacement parts manufacturer and distributor, has acquired certain assets and liabilities of the Pollak business of Stoneridge, Inc. for approximately USD 40 million.
Stoneridge's Pollak business has manufacturing and distribution facilities in Canton, Massachusetts, El Paso, Texas, and Juarez, Mexico, and distributes a range of engine management products including sensors, switches, and connectors. 2018 net sales volume for this business was approximately USD 45 million. SMP will be relocating all production to existing SMP locations, and is not acquiring any of the Pollak locations or employees. It is expected that the business will be fully integrated within 12 months. “This acquisition will enhance our growth opportunities in OE/OES, heavy duty and commercial vehicle markets and add to our existing expertise in aftermarket distribution, product management and service. The new market exposure offers expansion opportunities for our existing product lines as well as potential for new products to manufacture and sell,” says Eric Sills, Standard Motor Products' CEO and President, in a press release. “We believe the acquisition will be accretive to earnings in year one, excluding one-time integration costs.”
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