Uni-Select and UAP have agreed on the terms of sale for part of the division assets of Uni-Select’s Palmar Heavy Duty Group in Canada. This division—replacement parts, tools and accessories for heavy-duty vehicles—is being sold to UAP Inc. The wheels division is being sold to Robert Thibert Inc.
"Over time, our Heavy Duty Group deployed efforts to grow market share in Canada but did not attain the desired level of profitability. With the downturn in the transport industry, we have come to the conclusion that it would be in the best interest of Uni-Select to focus on its core activities related to the distribution of automotive replacement parts and accessories. These transactions are in keeping with the guidelines of our strategic plan. We intend to continue our growth through acquisitions in both Canada and the United States," said Richard Roy, president and chief executive officer of Uni-Select.
He continues, "In discussions leading to the agreements, the purchasers have expressed their interest in retaining a majority of Palmar's employees. I would like to thank all of Palmar's employees for their contribution and commitment over the years." The transactions should be completed by August 17. (SB)
