WEGMANN Automotive Acquires Assets Of ALLIGATOR

WEGMANN automotive GmbH, a global leader in wheel balance weights, announced recently that it has acquired parts of the business operations of ALLIGATOR Ventilfabrik GmbH, and subsidiaries, a leader in tire valves and tire pressure monitoring equipment. Under terms of the agreement, WEGMANN automotive, with global headquarters located in Germany and North American headquarters located in Tennessee, will take ownership of ALLIGATOR sales & distribution operations in both Europe and North America for passenger car & heavy-duty truck tire valves and components, as well as passenger car TPMS sensors & tools.

WEGMANN automotive will continue the longstanding ALLIGATOR brand name forward and all product manufacturing will remain unchanged at the existing production site, located in Europe. The ALLIGATOR North American distribution facility, located in Buchanan, Michigan, will also continue and maintain all staff and distribution operations. North American sales & ordering responsibilities will immediately fold into the existing WEGMANN automotive USA, Inc. facility, located in Murfreesboro, Tennessee.

“Adding the 100-year-old ALLIGATOR brand name to our already existing portfolio of brands is a great opportunity for WEGMANN automotive,” said Jeff Waechter, president & CEO of WEGMANN automotive USA, Inc. “The high-quality products that ALLIGATOR delivers to the market are complementary to our existing offer, and through joint efforts of our combined teams, we will be able to increase the overall value we deliver to our customers.”

Standard Motor Products, Inc. reported its consolidated financial results for the three months ended March 31, 2024.

Net sales for the first quarter of 2024 were $331.4 million, compared to consolidated net sales of $328.0 million during the comparable quarter in 2023, the company said. Earnings from continuing operations for the first quarter of 2024 were $9.9 million or $0.44 per diluted share, compared to $12.7 million or $0.57 per diluted share in the first quarter of 2023. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the first quarter of 2024 were $10.0 million or $0.45 per diluted share, compared to $13.4 million or $0.61 per diluted share in the first quarter of 2023.