Monro to acquire Import Export Tire in PA
Monro Muffler Brake Inc. has signed a definitive agreement to acquire the retail store assets of Import Export Tire Co., a five-outlet dealership based in Latrobe, Pa. Terms of the deal have not been disclosed.
Import Export Tire generated sales of approximately $10 million in 2009. The acquisition will give Rochester, N.Y.-based Monro 12 locations in the greater Pittsburgh market. Import Export, which opened in 1972, has stores in Latrobe, New Stanton, Irwin, Monroeville and Uniontown, Pa.
The stores "are expected to enhance the effectiveness" of Monro's Black Gold program, which is designed to increase Monro's tire and tire service sales.
The acquisition is expected to close at the end of this month and will be financed through Monro's existing line of credit. Monro says it will retain Import Export Tire's store employees.