Standard Motor to draw on revolver to fund $71 million acquisition

By Angela McDaniels

Tacoma, Wash., May 24 – Standard Motor Products, Inc. will use borrowings under its revolving credit facility to fund its acquisition of General Cable Corp.’s automotive ignition wire business, according to a company news release.

The company signed a definitive agreement to acquire the business for about $71 million, subject to post-closing adjustments.

Standard Motor Products, an automotive replacement parts manufacturer and distributor based in New York, expects the transaction to close “in the near future.”

General Cable is a Highland Heights, Ky.-based producer of copper, aluminum and fiber optic wire and cable products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.