Standard Motor Products, Inc. has formed a joint venture with Gwo Yng Enterprise Co., Ltd., Located in China, Gwo Yng is a basic manufacturer of air conditioning accumulators, filter driers, hose assemblies, and switches for the automotive aftermarket, original equipment and original equipment service markets. SMP will invest $14 million in the 50/50 joint venture.
SMP also acquired the assets of Annex Manufacturing, a privately-held company located in Fort Worth, Texas. Annex distributes a variety of temperature control products for the automotive aftermarket and had revenue of approximately $22 million in 2013. SMP purchased the company for $11.5 million.
Speaking on the acquisition, Larry Sills, SMP Chairman and CEO, stated, “We are very pleased to announce the formation of the Gwo Yng joint venture and the acquisition of Annex.” Sills continued, “We believe that these transactions will enhance our position as a basic manufacturer and a leading supplier of temperature control parts to the aftermarket. We welcome them into the Standard family.”