AutoZone to Acquire TruckPro
2 March 1998
AutoZone to Acquire TruckProMEMPHIS, Tenn., March 2 -- AutoZone, Inc. has reached a definitive agreement to acquire TruckPro, L.P., John C. Adams Jr., chairman and CEO of AutoZone, announced today. TruckPro, founded as Haygood Truck & Trailer Parts in 1958, is one of the largest independent distributors of truck and trailer parts in the United States with 43 stores in 14 states, primarily in the South and Midwest. Last year, TruckPro generated sales of approximately $130 million. AutoZone will operate the Little Rock, AR based company as a wholly owned subsidiary. The transaction is subject to the satisfactory completion of certain conditions and regulatory approvals. "We're already in the business of getting parts from the manufacturer to the end user," Mr. Adams said. "Getting into the heavy-duty parts business is a natural extension of our strengths. When you combine TruckPro's depth of knowledge in heavy-duty parts with our knowledge of a similar business and our systems expertise, you've got a winning combination. Plus, owner/operators and national fleet customers want the same thing our current customers do -- quality, value and impeccable service." "TruckPro is a leader in our industry, and having AutoZone's resources behind us will only strengthen that position," said Dale Dawson, TruckPro chairman and CEO. AutoZone sells auto parts, chemicals and accessories through its chain of 1,936 stores in 38 states. Certain statements contained in this press release are forward-looking statements. These statements discuss, among other things, successful completion of the acquisition, expected growth, store development and expansion strategy, business strategies, future revenues and future performance. The forward-looking statements are subject to risks, uncertainties and assumptions including, but not limited to, successful completion of the acquisition, competitive pressures, demand for the company's products, the market for auto parts, the economy in general, inflation, consumer debt levels and the weather. Actual results may materially differ from anticipated results described in these forward-looking statements. SOURCE AutoZone, Inc.