Standard Motor Products, Inc. Announces Acquisition of Particulate Matter Sensor Business of Stoneridge, Inc.
Standard Motor Products, Inc. (NYSE: SMP) has acquired certain assets and liabilities of the particulate matter sensor business from Stoneridge, Inc. This segment generates approximately $12-14 million in annual revenue, with manufacturing previously located in Lexington, OH and Tallin, Estonia. SMP plans to relocate all production to its existing facilities, with full integration expected within 12 months. This acquisition aligns with SMP's strategy to expand into the original equipment heavy-duty market, enhancing their emissions control technology portfolio.
- Acquisition of particulate matter sensor business expected to add $12-14 million in annual revenue.
- Enhances SMP's product lineup, particularly in emissions control technology.
- Strategic move to expand into the original equipment heavy-duty market.
- No employees or facilities from Stoneridge are being acquired, potentially impacting workforce and operational capacity.
- Production relocation may pose integration challenges and temporary disruptions.
NEW YORK, March 8, 2021 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), a leading automotive replacement parts manufacturer and distributor, announced today that it has acquired certain assets and liabilities of the particulate matter sensor business of Stoneridge, Inc. Stoneridge's particulate matter sensor business has manufacturing lines in Lexington, OH, and Tallin, Estonia, and generates approximately
SMP will be relocating all production to existing SMP locations, and is not acquiring any of Stoneridge's locations or employees. It is expected that the business will be fully integrated within approximately 12 months.
Mr. Eric Sills, Standard Motor Products' Chief Executive Officer and President, stated, "We are pleased to announce the acquisition of the particulate matter sensor product line from Stoneridge, Inc. This advanced emissions control technology is used in commercial vehicles, and is an excellent fit for our strategy of expansion into the original equipment heavy duty market. "
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Standard Motor Products cautions investors that any forward-looking statements made by the company, including those that may be made in this press release, are based on management's expectations at the time they are made, but they are subject to risks and uncertainties that may cause actual results, events or performance to differ materially from those contemplated by such forward-looking statements. Among the factors that could cause actual results, events or performance to differ materially from those risks and uncertainties discussed in this press release are those detailed from time-to-time in prior press releases and in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q. By making these forward-looking statements, Standard Motor Products undertakes no obligation or intention to update these statements after the date of this release.
View original content:http://www.prnewswire.com/news-releases/standard-motor-products-inc-announces-acquisition-of-particulate-matter-sensor-business-of-stoneridge-inc-301242555.html
SOURCE Standard Motor Products, Inc.
FAQ
What assets has Standard Motor Products acquired from Stoneridge, Inc.?
How much revenue does Stoneridge's particulate matter sensor business generate?
When is the integration of Stoneridge's business into SMP expected to be completed?
What is the strategic significance of this acquisition for Standard Motor Products?
Where are the manufacturing lines for Stoneridge's particulate matter sensors located?
