Shares in Australian trade company focused on automotive after parts, Bapcor Ltd (ASX: BAP) are up 0.8% to $6.69 at the time of writing on the announcement of the sale of its New Zealand tyre and wheel business today.
Bapcor will divest its TRS Tyre and Wheel business to Trelleborg Wheel Systems – a subsidiary of Swedish listed Trelleborg AB.
Annual sales out of TRS are around NZ$27 million but offloading it will allow Bapcor to reinvest in its core automotive aftermarket businesses, with Trelleborg planning to expand TRS due to its focus on polymer solutions.
Bapcor has been travelling well of late, printing a record high on June 12 when its share price hit $6.88, with a focus on staged global expansion into Asia – with five Asian stores to open by Christmas.
Elsewhere in the automotive sector, ARB Corporation Limited (ASX: ARB) is also picking up the pace on its overseas growth plans with GUD Holdings Limited (ASX: GUD) yesterday announcing the appointment of a former Ford executive as its new CEO.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool Australia has recommended ARB Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.