3rd May 2022 09:50
Inchcape PLC - London-based auto distribution, retail and services company - Completes acquisition of Caribbean vehicle distributor Interamericana Trading Corp and Barbados automotive retailer Simpson Motors Ltd for undisclosed amount. Says the acquisitions, first announced back in December, will expand global footprint as it enters Caribbean market, and strengthens presence in the Americas. The businesses are expected to add around GBP120 million of annualised revenue, and be accretive to Inchcape's margins.
"We welcome the fantastic talent and expertise of ITC and Simpson Motors to the Inchcape family and look forward to building on the exciting opportunity for the group in the Caribbean. The Americas & Africa is our fastest growing region, with the addition of ITC and Simpsons further bolstering our distribution and original equipment manufacturer partnerships as we deliver on our Accelerate strategy," says Chief Executive Officer Duncan Tait.
Current stock price: 720.00 pence, up 0.8% on Tuesday
12-month change: down 8.1%
By Elizabeth Winter; [email protected]
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