Standard Motor Products 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 27, 2009
STANDARD MOTOR PRODUCTS, INC.
(Exact Name of Registrant as Specified in its Charter)
37-18 Northern Boulevard, Long Island City, New York 11101
(Address of Principal Executive Offices, including Zip Code)
Registrant’s Telephone Number, including Area Code: 718-392-0200
(Former Name or Former Address, if Changed Since Last Report)
Item 8.01. Other Events
On November 27, 2009, Standard Motor Products, Inc. (the “Company”) and its wholly-owned subsidiary, Standard Motor Products (Hong Kong), Ltd., consummated the sale of its European distribution business to the current managers of this business. The business was sold for £1.8 million ($3 million) in cash and a promissory note and approximately £1.9 million ($3.1 million) in assumed debt. The Company is retaining its manufacturing operation in Poland, certain land available for sale in the United Kingdom, and a small investment in a joint venture. The proceeds from the sale will be used to pay down debt.
The Company estimates non-cash charges for the transaction would range from £4.0 million ($6.6 million) to £4.5 million ($7.4 million). (U.S. dollar equivalents are calculated at an assumed foreign currency exchange rate of GBP 1.65.)
A copy of the press release announcing this transaction is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.
Item 9.01. Financial Statements and Exhibits
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 30, 2009