R&B, Inc. to Acquire Canadian Operations
COLMAR, Pa., June 10 -- R&B, Inc. announced today that it has signed a letter of intent to acquire The Automotive Edge/Hermoff ("Hermoff"). Headquartered in Ontario, Canada, Hermoff is a privately held company which manufactures and distributes exhaust manifolds, catalytic converters and related exhaust components throughout Canada and the United States. The transaction is scheduled to be completed in June 2005, subject to certain pre-closing conditions and post-closing adjustments.
Mr. Richard Berman, Chairman, President and Chief Executive Officer of R&B, stated, "We are very excited about building a strong base in Canada to launch our products through the acquisition of Hermoff. The existing distribution system of Hermoff, along with its experienced management team, will allow us to quickly reach major Canadian customers with many of our existing products. The addition of catalytic converters will permit us to further enhance the breadth of our product lines - creating even greater opportunities for our customers."
Mr. Berman added, "We have been interested in expanding our Canadian opportunities for some time, but never were able to find the right combination of people, product focus and distribution. In Hermoff and their management team, we believe we have found just the right partner to build a strong Canadian market for our Dorman OE exclusive parts."
R&B, Inc. is a leading supplier of OE Dealer "Exclusive" automotive replacement parts, automotive hardware and brake products to the automotive aftermarket and household hardware to the general merchandise markets. R&B's products are marketed under more than thirty proprietary brand names, through its Motormite, Dorman, Allparts, Scan-Tech, MPI and Pik-A-Nut businesses.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Factors that cause actual results to differ materially include, but are not limited to, those factors discussed in the Company's Annual Report on Form 10-K under "Business - Risk Factors."