LOS ANGELES, Calif. – Following the acquisition of Champion Parts by Cash Technologies subsidiary CPI Holdings on May 5, the company reports that is making progress in recovering former Champion customers. CPI Holdings is now supplying or in agreements to supply four of the top six U.S. automotive parts retailers. This represents an estimated $3.4 million annual revenue run rate, which is expected to produce profitability for CPI.
Champion was a leading remanufacturer of automotive fuel system components in the U.S. before its bankruptcy in October 2007, supplying the largest auto parts retailers in the U.S., with combined distribution of more than 20,000 retail stores. CPI has agreed to supply two of the retailers on an exclusive basis and two others for portions of their business.
Jerry Bragiel, president of CPI, stated, "Our relationships with major retailers are continuing to build. Current shipments of about $100,000 per month are expected to triple over approximately the next 60 days as the recent commitments are implemented. We expect to continue to increase commitment levels with the retailers thereafter."
