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TBC Completes Acquisition of Largest Distributor

20 November 1998

TBC Completes Acquisition of Largest Distributor

    MEMPHIS, Tenn.--Nov. 19, 1998--TBC Corporation today announced that it has completed the acquisition of the capital stock of Carroll's, Inc., a privately-owned wholesale distributor of tires and automotive accessories. Terms were not announced for the transaction. Carroll's, Inc., based in Atlanta, Georgia, generates annual sales of approximately $150 million. Purchases by Carroll's, Inc. accounted for approximately 11% of TBC's net sales of $642.9 million for 1997.
    Louis S. DiPasqua, Vice Chairman and Chief Executive Officer of TBC, remarked, "An important component of our growth plans is using TBC's strong financial position to capitalize on strategic acquisition opportunities. The purchase of Carroll's, Inc. not only expands the absolute size of our business base but also provides the potential to build on the sound market position that Carroll's has established in the Southeast. We expect the integration of the two organizations will proceed efficiently and believe that the acquired operations should contribute positively to our future results."
    TBC Corporation is one of the nation's largest marketers and distributors of tires for the automotive replacement market.
    This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks, uncertainties and other factors which could cause actual results to differ materially, including but not limited to, the degree of competition in the replacement tire industry, changes in consumer spending on automobiles and replacement automotive products and the Company's ability to continue to obtain products in sufficient quantity and at competitive prices. Additional information on factors that could potentially affect the Company or its financial results may be found in the Company's Form 10-K for the year ended December 31, 1997 and in other filings with the Securities and Exchange Commission.