Motorcar Parts of America Acquires Leading Automotive Parts Supplier for 360,000 Motorcar Shares (MPAA)

Motorcar Parts of America MPAA today announced it has acquired Fenwick Automotive Products Limited for 360,000 shares of Motorcar Parts' common stock. "The acquisition complements our existing customer relationships and adds new sales cross-over opportunities. In addition, the transaction greatly expands our strategic supplier relationships throughout Asia," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America. The acquisition is expected to more than double consolidated revenues. In addition, the company expects to achieve annual savings of at least $20 million once the acquisition is integrated, which is expected to be completed within a two-year period. Management anticipates Fenco will contribute at least $25 million of annual EBITDA from the existing revenue base once integration is complete.