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You are here: Home1 / News2 / Product News3 / Autobacs Forms Credit Line for Acquisitions

Autobacs Forms Credit Line for Acquisitions

Date: 4th June 2007 Author: Tyrepress Editors Comments: 0

(Akron/Tire Review) Japanese automotive parts and accessories retailer Autobacs Seven Co. has established a committed line of credit capped at $822.8 million, to finance the acquisition of competitors inside and outside Japan. An agreement for the five-year commitment line was signed with an investment firm in the UK.

Autobacs will also soon set up a panel to discuss its planned acquisitions and include outside experts to obtain their advice. But the firm says it is “not yet at a point where the acquisition plans can be announced.”

Autobacs said it intends to boost domestic sales, including those at its franchised stores, to approximately $3 billion by fiscal 2008 from the fiscal 2006 level of $2.5 billion. In April, Autobacs reached an agreement to buy U.S. parts retailer Strauss Discount Auto out of bankruptcy for a price of up to $55 million.

Related news:

  1. Continental AG in Talks with Potential Buyers of Parts of VDO
  2. Remy Automotive Country Manager
  3. Toyo Sells Australian Parts Business
  4. Amtel-Vredestein Founder Reduces Share in Company
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acquisition, agreement, automotive, automotive parts, Japan, parts

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