R&B to Acquire Champ Service Line
20 October 1997
R&B to Acquire Champ Service LineCOLMAR, Pa., Oct. 20 -- R&B, Inc. announced today that it has signed a letter of intent to acquire selective assets of the Service Line Division ("Champ") of Standard Motor Products, Inc. for approximately net asset value less a reserve for certain costs and contingencies. Headquartered in Edwardsville, Kansas, the Service Line Division includes the Champ Service Line, APS Service Line and Pik-A-Nut. Champ has annual net sales of approximately $40 million. The transaction is expected to be completed mid 1998, and is subject to certain pre-closing conditions and post- closing adjustments. The transaction is expected to be non-dilutive. Richard Berman, president of R&B, stated, "Champ increases the value we can bring to our customers by being able to provide them with a broader product line and is consistent with our goal of being the leading supplier of hard-to-find parts, fasteners and related service parts." R&B, Inc. is a leading supplier of "hard-to-find" parts and fasteners for the automotive aftermarket. R&B's parts are marketed under more than fifty proprietary brand names, through its Motormite and Dorman divisions, as well as under the private labels of automobile manufacturers, parts manufacturers, and national warehouse distributors. 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 - Investment Considerations." Visit R&B's Home Page at http://www.rbinc.com SOURCE R&B, Inc.