NEW
YORK, Nov. 1, 2024 /PRNewswire/ -- Standard
Motor Products, Inc. (NYSE: SMP), a leading automotive parts
manufacturer and distributor, today announced the completion of the
previously-announced acquisition of AX V Nissens III APS
("Nissens"), a leading European manufacturer and distributor of
aftermarket engine cooling and air conditioning products with a
growing array of vehicle control technologies. Under the
terms of the agreement, SMP has acquired all the issued and
outstanding shares of Nissens for approximately $390 million (€360 million), net of cash and
assumed debt and subject to post-closing adjustments, from Nordic
private equity firm Axcel and the Nissen family.
Mr. Eric Sills, Standard Motor
Products' Chairman and CEO, stated, "We are very pleased to
announce the closing of the Nissens acquisition. With this
combination, we create an aftermarket leader in North America and Europe across our key product
categories. The strength of Nissens' leadership team and
overall cultural fit will allow for immediate collaboration on
opportunities for growth through cross-selling as well as
bi-directional synergies with significant savings potential. We
welcome Nissens and its employees to the SMP family."
About Standard Motor Products
Standard Motor Products is the leading manufacturer and
distributor of premium replacement parts in the automotive
aftermarket and a custom-engineered solutions provider to vehicle
and equipment manufacturers in diverse non-aftermarket end
markets. Its automotive aftermarket business is comprised of
two segments, Vehicle Control and Temperature Control, while its
Engineered Solutions Segment offers a broad array of conventional
and future-oriented technologies in markets for commercial and
light vehicles, construction, agriculture, power sports, and
others. For more information about Standard Motor Products, please
visit www.smpcorp.com.
About Nissens Automotive
Nissens is the leading European supplier of thermal management
and engine efficiency products fully focused on servicing the
resilient and steadily growing independent automotive aftermarket.
The Company operates with a distinct multi-brand strategy with
offerings to passenger car as well as commercial vehicle
applications. Nissens is headquartered in Horsens, Denmark and was founded in 1921. For more
information about Nissens, please visit www.nissens.com.
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.
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SOURCE Standard Motor Products, Inc.
