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Article: Standard Motor Products Announces the Signing of A Letter of Intent To Sell The Service Line Division
- Article from:
- PR Newswire
- Article date:
- October 20, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Oct. 20 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), automotive replacement parts manufacturer and distributor, announces that it has entered into a Letter of Intent to sell its Service Line Business to R&B, Inc. (Nasdaq: RBIN) of Colmar, PA. R&B, Inc. is a leading supplier of "hard-to-find" service parts and fasteners for the automotive aftermarket. The sale will be of select assets of the Champ and APS service lines and Pik-A-Nut fastener line, for approximately tangible net book value less reserves for certain costs and contingencies.
Although the final consideration to be paid is not yet certain, Standard Motor Products will be ...