Penske to acquire Transpacific’s commercial vehicle distribution unit

By Kevin Davis on Thursday, August 1st, 2013

Penske Automotive Group Inc. has signed an agreement to acquire Western Star Trucks Australia from from Transpacific Industries Group Ltd.

Western Star Trucks Australia is a distributor of commercial vehicles, related spare parts and aftermarket support across Australia and New Zealand and portions of Southeast Asia. It primarily distributes heavy and medium-duty trucks for Western Star, MAN and Dennis Eagle through a network of over 80 independent dealers while serving customers across a number of industries, including on-highway, logistics, construction, mining, manufacturing, agricultural and waste/refuse collection.

The total purchase price is expected to about $200 million, which will be financed using available cash flow from operations and availability under the company’s credit and floorplan financing facilities.

Subject to specified closing conditions, the transaction is expected to close in the third quarter of 2013.

Spyker Looking For Additional Investors For Future Survival

Recent days haven’t been entirely possible that Spyker. Just after finishing it has links through Saab, and additionally varying it's designate returning provided by Remedial Truck to Spyker, the organization droped relating to crisis. Boss Victor Muller confirmed ever before which individuals were essential so when uncovered, manufacturing could noticeably strengthen.Regrettably, those people businesses for no reason materialized as well as, hence, the efficient practicability involving Spyker continues in it can be volitile manner. Spyker was not long ago found in considerable financial commitment discussions through CPP Intercontinental Holdings and South Streets Capital, however both of those businesses have gone calm historically quarter or so and additionally Spyker’s long term looks really dismal again.P Telegraaf lately noted this Spyker Passenger cars posted netting gain involving $154 billion dollars just using the most important 6 months of the season and thus, you will feel that finding a enormous individual was obviously a walk in the park. The sad thing is, that’s false.On stating, nevertheless, Winner Muller’s fact the company is “virtually credit card debt free” doesn’t make us that has a great deal of self esteem, because it’s crystal clear the fact that firm’s undisclosed financial obligation values really are dissuading dealers by getting your hands on the particular unique marque.