NEW YORK -- Standard Motor Products announced today that it has sold its European distribution business to the current managers of the business for pounds Sterling 1.8 million ($3 million) in cash and a promissory note and approximately pounds Sterling 1.9 million ($3.1 million) in assumed debt. The company will retain its manufacturing operation in Poland, certain land available for sale in the United Kingdom, and a small investment in a joint venture. The proceeds from the sale will be used to pay down debt.

The company estimates non-cash charges for the transaction would range from pounds Sterling 4 million ($6.6 million) to pounds Sterling 4.5 million ($7.4 million).

Lawrence Sills, Standard Motor Products' chairman and chief executive officer, said, "We believe that this transaction is a win-win for all parties. It is a win for the company, as it enables us to concentrate on our core business. It is a win for the Intermotor organization as they will be able to move more quickly to take advantage of local conditions. And, we will be keeping our manufacturing operation in Poland, which we are confident will play a major role in our future."