Pep Boys to acquire Florida Tire for $4.4 million
Pep Boys agrees to buy Florida Tire in Orlando for $4.4 million to boost service center growth
- On 8:44 am EDT, Tuesday October 13, 2009
PHILADELPHIA (AP) -- Auto-parts retailer The Pep Boys -- Manny, Moe & Jack said Tuesday it agreed to acquire Florida Tire for $4.4 million.
Florida Tire, with 10 locations in Orlando, Fla., is expected to generate annual sales of $14 million and help Pep Boys' earnings in the first year of operations.
"This acquisition fits squarely within our stated strategy to grow through Service & Tire Centers," said CEO Mike Odell.
In addition to the 10 Florida Tires, Pep Boys now expects to open about 25 new Service & Tire Centers in fiscal 2009, up from a previous target of 15.
It expects to open 40 new locations in fiscal 2010 and 80 in fiscal 2011.
Related Headlines
- Pep Boys' Third Quarter Results Conference Call to Be Broadcast on Investorcalendar.com - Business Wire
- Pep Boys to Present at Gabelli & Company's 33rd Annual Automotive Aftermarket Symposium - Business Wire
- Should You Buy It? Pep Boys - RealMoney by TheStreet.com
- Gabelli & Company's 33rd Annual Automotive Aftermarket Symposium - Business Wire
- Pep Boys to acquire Florida Tire for $4.4 million - AP
Related Blog Headlines
Sponsored Links
-
Trade Stocks? Try Currency Trading
Trade in a highly trending market 24-hrs a day, 5.5 days a week. GFT. -
Buy Stocks for $4
No account or investment minimums. No inactivity fees. Start Today.
-
Earn From 1.90% to 2.20% Apply Online
With GE Capital Corporation. Not An Offer Of Securities For Sale. -
Super Cheap Car Insurance
Get Discount Car Insurance Quotes Online – Rates from $15 / Month.
Tech Ticker Recent Posts
- Housing Bottom? "Not Even Close," Barry Ritholtz Says - Aaron Task
- A Bad Economy Could Spell Good News on Wall Street for Years to Come - Peter Gorenstein
- The FDIC Is $8.2 Billion in the Hole - John Carney
Add Alert Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press.