Heafner and T.O. Haas Agree to Merge Operations
24 April 2000
Heafner and T.O. Haas Agree to Merge Operations
CHARLOTTE, N.C.--April 20, 2000--Heafner Tire Group, Inc. ("Heafner") and T.O. Haas Tire Company, Inc. ("Haas") of Lincoln, NE today announced they have reached agreement to combine their operations."I am very pleased to have the Haas organization join forces with Heafner," said Don Roof, President and CEO of Heafner. "Haas has been the premier distributor of tires and related products in the central part of the country since its founding in 1947 by T.O. and Terry Haas. This heritage was carried on by their sons and principal shareholders, Randy and Rick Haas. The entire Haas organization has an excellent reputation and is well known for the quality of its products, customers, services, and employees."
Mr. Roof continued, "The addition of Haas will provide four distribution locations, over 30 retail outlets, and expanded service to independent dealers in eight additional states not serviced by Heafner today. This transaction increases Heafner's revenues by over $100 million, and is a major step in completing the consolidation of tire distribution in this country. Heafner can now focus on opening additional distribution centers in those contiguous states that we don't service today."
Commenting on the merger, Randy Haas, President of Haas stated, "Along with the rest of the employees of Haas, I am looking forward to working with the Heafner organization following the transaction. It will offer new opportunities for the employees of Haas to participate in our growth going forward, as well as being part of a large and successful organization. Also, our ability to serve our customers and to expand our distribution operations will be enhanced with access to Heafner's extensive dealer programs and capital strength."
Following the merger, Randy Haas will continue as President of Heafner Tire Group - T.O. Haas Division, as well as serving on the executive committee of Heafner. The transaction, which is subject to regulatory approval and other items, is expected to close within 30 days. Other terms of the transaction are not being disclosed at this time.
Heafner Tire Group is the country's leading independent marketer of tires and related products, with sales in 1999 in excess of $1 billion. It conducts business from over 60 distribution centers and 210 retail tire and auto service stores, and has over 3700 employees. For information, contact David H. Taylor, Chief Financial Officer, at 704/423-8989.