Motorcar Parts of America Launches Initial Phase of Vendor Supply Chain Financing Program
28 11월 2023 - 10:00PM
Business Wire
Motorcar Parts of America, Inc. (Nasdaq:MPAA) today
announced it has launched a vendor supply chain financing program
designed to enhance payment terms and improve cash flow for both
valued vendors and the company.
The platform will be administered by a leading FinTech company,
which services suppliers in more than eighty countries in multiple
currencies. Motorcar Parts of America is engaging a syndicate of
supply chain financing institutions to support the extension of
terms for its accounts payable.
The online platform will provide suppliers with future
visibility for payment of approved invoices and the ability to
receive early payment options, with the company maintaining its
non-recourse accounts payable treatment.
“The launch of this supply chain financing program complements
our strategic focus on neutralizing working capital requirements
and opportunities to increase cash flow. We look forward to
reporting further milestones as the strategic rollout of this
program evolves,” said Selwyn Joffe, chairman, president and chief
executive officer.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer,
manufacturer, and distributor of automotive aftermarket parts --
including alternators, starters, wheel bearings and hub assemblies,
brake calipers, brake pads, brake rotors, brake master cylinders,
brake power boosters, turbochargers, and diagnostic testing
equipment utilized in imported and domestic passenger vehicles,
light trucks, and heavy-duty applications. Its products are sold to
automotive retail outlets and the professional repair market
throughout the United States, Canada, and Mexico, with facilities
located in California, New York, Mexico, Malaysia, China and India,
and administrative offices located in California, Tennessee,
Mexico, Singapore, Malaysia, and Canada. In addition, the company’s
electrical vehicle subsidiary designs and manufactures testing
solutions for performance, endurance, and production of multiple
components in the electric power train – providing simulation,
emulation, and production applications for the electrification of
both automotive and aerospace industries, including electric
vehicle charging systems. Additional information is available at
www.motorcarparts.com.
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for certain forward-looking statements. The
statements contained in this press release that are not historical
facts are forward-looking statements based on the company’s current
expectations and beliefs concerning future developments and their
potential effects on the company. These forward-looking statements
involve significant risks and uncertainties (some of which are
beyond the control of the company) and are subject to change based
upon various factors. Reference is also made to the Risk Factors
set forth in the company’s Form 10-K Annual Report filed with the
Securities and Exchange Commission (SEC) in June 2023 and in its
Forms 10-Q filed with the SEC for additional risks and
uncertainties facing the company. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as the result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231128275057/en/
Gary S. Maier Vice President, Corporate Communications & IR
310-972-5124
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