- Dorman Products Inc (NASDAQ:DORM) has agreed to acquire automotive parts manufacturer Dayton Parts LLC for $338 million.
- The transaction is expected to close in the second half of 2021.
- With Dayton generating $168 million in net sales for the twelve months ended December 2020, Dorman expects Dayton’s acquisition will be immediately accretive to adjusted diluted earnings per share.
- The acquisition would expand Dorman’s heavy-duty manufacturing and distribution platform.
- “Through the combined company, we will be able to offer our increasingly diverse customer base a more expansive product offering with improved distribution efficiency,” said Kevin Olsen, Chief Executive Officer, Dorman.
- Dorman will enter into a new $600 million revolving credit facility in connection with the transaction.
- Dorman’s cash and equivalents totaled $166.6 million as of March 31, 2021.
- Price action: DORM shares closed higher by 1.3% at $100.2 on Friday.
Jefferies Initiates Coverage On Accenture with Hold Rating, Announces Price Target of $309
Jefferies analyst Surinder Thind initiates coverage on Accenture (NYSE:ACN) with a Hold rating and announces Price Target of $309.
