Standard Motor Products buys back $29.1 million total debentures

By Jennifer Chiou

New York, Oct. 30 - Standard Motor Products, Inc. announced the repurchase of $29.1 million of its debentures.

"One of our major goals in 2008 was improved cash flow and debt reduction. Through the end of the third quarter of 2008, we repurchased $20.6 million of debentures and in October repurchased an additional $8.5 million of debentures," Lawrence I. Sills, chairman and chief executive officer, said in a news release.

"At the end of September, our total outstanding debt was $24.7 million below September 2007 and total debt has continued to decline in October."

Standard Motor Products is a Long Island City, N.Y.-based automotive replacement parts manufacturer and distributor.

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