It’s official. A week after announcing the acquisition of General Cable’s automotive ignition wire business, Standard Motor Products announces the closing of the acquisition for approximately $71 million, subject to post-closing adjustments.
Commenting on last week’s announcement, Eric Sills, Standard Motor Products’ Chief Executive Officer and President, stated, "We are very pleased to announce this acquisition. General Cable is a fine company with a long and successful history in this field. They supply some of the most prestigious customers in the industry. Our goal will be to maintain the best features of both companies to become the best possible ignition wire supplier to all General and SMP customers. We believe the acquisition will be accretive to earnings in year one, excluding one-time integration costs."