Pep Boys (PBY) Acquires Florida Tire for $4.35M
More News related to PBY
- Pep Boys' Third Quarter Results Conference Call to Be Broadcast on Investorcalendar.com
- Pep Boys to Present at Gabelli & Company's 33rd Annual Automotive Aftermarket Symposium
- Gabelli & Company's 33rd Annual Automotive Aftermarket Symposium
- Pep Boys (PBY) Acquires Florida Tire for $4.35M
- Pep Boys to Acquire Orlando Service and Tire Chain
More News related to Mergers and Acquisitions
- Elmira Savings Bank (ESBK) Declares $0.20 Quarterly Dividend; 5% Yield
- Ship Finance (SFL) Declares $0.30 Quarterly Dividend; 8.9% Yield
- Shamir Optical (SHMR) Declares $0.609 Dividend; 7.3% Yield
- Frontline (FRO) Declares $0.15 Quarterly Dividend; 2.2% Yield
The Pep Boys - Manny, Moe & Jack (NYSE: PBY) today announced that it had entered into a definitive agreement to acquire the assets and assume the property leases of Florida Tire.
The $4.35 million acquisition is expected to close on October 30, generate annual sales of over $14 million and be accretive to earnings in its first year of operations.
With the addition of the these 10 locations, Pep Boys now expects to open approximately 25 new Service & Tire Centers in fiscal 2009, ahead of its original 15 store target. Through individual location and small-chain acquisitions, Pep Boys is now targeting the high end of its previously announced targets - 40 new locations for fiscal 2010 and 80 for fiscal 2011.
Related Categories
Mergers and AcquisitionsStocks Mentioned
-0.38Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
