Business Services Industry
Memphis, Tenn.-Based AutoZone to Add New Parts Distribution Business.
Knight Ridder/Tribune Business News, April, 2003
By David Flaum, The Commercial Appeal, Memphis, Tenn. Knight Ridder/Tribune Business News
Apr. 4--AutoZone Inc. will take over Midas Inc.'s parts distribution business in a move that will boost the Memphis-based company's revenues and could add to profits.
Announcement of the deal, which is expected to generate up to $260 million in revenues for the auto parts retailer, sent AutoZone stock up more than 4 percent.
Itasca, Ill.-based Midas will close the 77 distribution centers that provide weekly deliveries of Midas branded parts to its 1,670 auto service shops and turn that business over to AutoZone.
That will happen gradually between now and the end of the year, said Brian Campbell, AutoZone director of investor relations....
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