• 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.

See more from Benzinga

• Click here for options trades from Benzinga

• Playboy Parent PLBY Group Set To Join Russell 2000 Index

• Farmmi Bags New Product Export Order For Vancouver

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.