May 24, 2016—Standard Motor Products Inc. announced Monday that it will acquire General Cable Corporation’s automotive ignition wire business for approximately $71 million.
Through the purchase, SMP will acquire General Cable’s ignition wire business in North America, including a subsidiary in Mexico. Together, those businesses saw $96 million in sales in 2015. SMP will fund the transaction, to close in the near future. The integration is expected to take approximately 12-18 months.
“We are very pleased to announce this acquisition. General Cable is a fine company with a long and successful history in this field,” SMP president and CEO Eric Sills said. “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.”