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Volkswagen Scout U.S. plant receives approximately $1.3 billion incentives
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By APF
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced that it has entered into a definitive agreement to sell Worldpac, Inc., an automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash. The transaction is expected to close before the end of the year.
“We are pleased to announce the sale of the Worldpac business,” said Shane O’Kelly, president and chief executive officer. "The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at Advance, I would like to thank the more than 5,000 Worldpac team members for their dedication over the last ten years.”
"We are excited to partner with Worldpac, a great business operating in attractive markets," said Wes Bieligk, a Partner, and Katherine Barasch, a senior member of Carlyle's Global Industrials investing team. "Our proven track record in executing complex carve-outs position us uniquely to support Worldpac and its team as an independent company." Carlyle's investment in Worldpac builds on the firm's extensive carve-out experience in the Industrials sector, having invested ~$13 billion in industrial carve-outs over the past two decades, including in such companies as Axalta, Nouryon, Atotech, Signode, and Allison Transmission.
Transaction Details
Over the last twelve months, at the end of the second quarter of 2024, the Worldpac business generated approximately $2.1 billion in revenue and approximately $100 million in EBITDA. Advance expects net proceeds of approximately $1.2 billion after taxes and transaction fees. Centerview Partners is serving as financial advisor and Hogan Lovells US, LLP, is serving as legal advisor to Advance on the transaction. BofA Securities is acting as lead financial advisor to Carlyle and BMO Capital Markets is also acting as a financial advisor to Carlyle. Latham & Watkins is serving as legal advisor to Carlyle.
Investor Conference Call
As previously announced, the company has scheduled a webcast to begin at 8 a.m. Eastern Time today, to discuss results for the second quarter ended July 13, 2024. During the webcast, the company will provide additional information on the Worldpac transaction. The webcast will be accessible via the Investor Relations page of the company's website (ir.AdvanceAutoParts.com).
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of July 13, 2024, Advance operated 4,776 stores and 321 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,138 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at
link hidden, please login to view . About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at
link hidden, please login to view . Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group. Forward-Looking Statements
Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast, “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the sale of Worldpac, including statements regarding the benefits of the sale and the anticipated timing of closing, the expected use of proceeds and expectations for economic conditions, future business and financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the company’s views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, the company’s ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, deterioration of general macroeconomic conditions, geopolitical conflicts, the highly competitive nature of the industry, demand for the company’s products and services, the company’s ability to consummate the sale of Worldpac on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy the other conditions to the closing, the company’s use of proceeds and ability to maintain credit ratings, access to financing on favorable terms, complexities in the company’s inventory and supply chain and challenges with transforming and growing its business. Please refer to “Item 1A. Risk Factors” of the company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by the company's subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.
Investor Relations Contact:
Lavesh Hemnani
T: (919) 227-5466
E: [email protected]
Media Contacts:
Darryl Carr
T: (984) 389-7207
E: [email protected]
Carlyle
Brittany Berliner, (212) 813-4839
[email protected]
Source: Advance Auto Parts, Inc.
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By shelitaauto
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As part of the EU’s 1.4 billion euro ($1.52 billion) state aid package, BMW is the only car manufacturer to receive EU funding for a hydrogen project.
Other companies that have received funding include tire maker Michelin Group and aircraft manufacturing and development company Airbus. The European Commission said on May 28 that the initial funding is expected to unlock an additional 3.3 billion euros in private investment.
The Hy2Move program is the fourth round of funding related to hydrogen energy and focuses on mobility. The hydrogen energy initiative has been declared one of the key projects of common European interest and is expected to play an important role in the EU’s 2050 carbon neutrality goal. Other important projects of common European interest include semiconductors and batteries for electric vehicles.
Details of BMW’s project and the amount of funding will be announced shortly after the scheme receives final approval and restrictions on publication of trade secrets are lifted, the commission said. BMW is one of the few companies to support hydrogen fuel cell technology and has launched a pilot fleet of hydrogen-powered X5 SUVs.
Image source: BMW
The iX5 features a hybrid battery/fuel cell drivetrain with a total output of 401 HP (295 kW). Two 700-bar carbon-fiber-reinforced plastic hydrogen storage tanks can hold about 6 kilograms of hydrogen and travel 504 kilometers (303 miles) in WLTP conditions. For now, BMW has yet to commit to mass production of the iX5.
Other automakers backing hydrogen include Toyota, Renault, Hyundai and Honda. Toyota makes the Mirai fuel cell sedan, and Renault says hydrogen can power the internal combustion engine in its Alpine range of sports cars.
The “Hy2Move” project will be co-funded by Estonia, France, Germany, Italy, the Netherlands, Slovakia and Spain.
A total of 11 companies plan to participate in 13 programs. The European Commission says it expects to create 3,300 jobs by 2031.
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By Counterman
AutoPartSource/Momentum USA received the Sales & Service Award at the O’Reilly Auto Parts 2024 Leadership Conference in Dallas.
This is the second year in a row that O’Reilly has honored AutoPartSource/Momentum USA with the award.
On hand to accept the award for AutoPartSource were: John Amalfe, ownership; Dave Gonzales, senior VP sales & marketing; Jacob Eveland, marketing manager; Christina Youngblood, sales; and Dave Nickerson, NA Williams; and the sales & support team.
AutoPartSource/Momentum USA, a leading manufacturer of automotive cabin air filters, has been the prime supplier for the O’Reilly MicroGard and HEPA cabin air filter lines.
The company noted that 100% of the HEPA line is manufactured in the United States with U.S. raw materials.
Most of the MicroGard products have transitioned from being globally sourced to also being made in the United States, according to the company.
“Being honored by the premier automotive aftermarket organization in the country for the second consecutive year is an extreme honor for our entire company that we do not take for granted,” said John Amalfe, owner of AutoPartSource/Momentum USA. “Instead, this achievement makes us want to continually improve in all aspects of our business which translates to more sales growth for both companies.”
O’Reilly’s Sales & Service Award acknowledges outstanding performance, dedication to excellence and unparalleled service in the automotive aftermarket.
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By Counterman
MEMA Aftermarket Suppliers recently recognized Dana Incorporated with its Diversity Equity and Inclusion (DEI) Award.
The association presented the DEI Award to Dana at AAPEX in Las Vegas.
“We are honored to accept this prestigious award and thank MEMA Aftermarket Suppliers for recognizing Dana’s efforts in creating a diverse, equitable, and inclusive environment,” said Vanesa Badillo, Dana’s senior manager, talent development, who accepted the award on behalf of Dana. “At Dana, we continuously build upon our diverse strengths. Dana’s DEI strategy aims to cultivate a strong and inclusive culture where all our people have opportunities to thrive and reach their full potential.”
To be considered for the MEMA Aftermarket Suppliers DEI award, a company must contribute to and operate in the automotive and commercial-vehicle aftermarket; have an existing internal DEI strategy and objectives in place that support the core values of DEI; have made an achievement either internally or externally to advance DEI in the aftermarket; and must be an established company of good repute and sound financial condition.
“At Dana, we are proud to have leaders who challenge the status quo and address barriers to inclusion by reviewing and adjusting various employee and business policies and processes, such as publishing a supplier diversity policy,” Badillo added. “Dana focuses on accountability for inclusive behaviors at all levels of the organization. This leading phase of Dana’s DEI journey has made clear governance guidelines that establish DEI objectives and address barriers to inclusion through employee management processes.”
The MEMA Aftermarket Suppliers DEI award recognizes the importance of diversity, equity and inclusion in the automotive aftermarket and celebrates those individuals and organizations who champion the spirit of DEI in their organizations and communities.
MEMA Aftermarket Suppliers created the DEI Awards in 2021. Each year at AAPEX, MEMA Aftermarket Suppliers recognizes one individual from a member company and one member company who embody and advance the core values of diversity, equity and inclusion.
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