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Mighty Lands PetrominThursday, 26 January 2012
MIGHTY WINS COVETED CONTRACT WITH SAUDI ARABIA
NORCROSS, GA –President and CEO of Mighty Distributing System of America (Mighty Auto Parts), Ken Voelker and VP of Product Management, Brad Bradshaw have returned from Jeddah, Saudi Arabia with a Master Distributorship Agreement signed by the giant Petromin Corporation headquartered there. The new strategic alliance effectively makes Petromin Mighty’s distributor in select countries in the Middle East and North Africa. The 10-year agreement covers the exclusive distribution of Mighty branded and Petromin-Mighty co-branded products in the Kingdom of Saudi Arabia, United Arab Emirates, Oman, Yemen, Jordan, Qatar, Kuwait, Bahrain, Iraq, Egypt, Libya and Southern Sudan.
“Petromin is a bourgeoning enterprise of market-leading lubricant brands in this part of the world,” says Voelker. “The addition of automotive service products as a complement for Petromin’s more than 5,000 automotive service facilities is consistent with the direction of the leading lubricant distributors here in the United States. This is the perfect fit for helping them to meet their aggressive growth objectives.”
Since January 2011, Mighty has been providing automotive products (oil filters, air filters, cabin air filters, wiper blades and select chemicals) for Petromin’s quick service chain, Petromin Express, comprised of 155 locations throughout the Kingdom of Saudi Arabia with distribution hubs in Jeddah, Riyadh and Dammam. It is the largest quick service chain in the world outside the United States.
“Our sales volume figures for Petromin Express have been quite impressive,” according to Petromin Executive VP, Sajid Saeed. “Mighty has skillfully positioned Petromin to build sales in many other markets.” Mighty services historically include inventory controls, sales and technical training, marketing tools, electronic cataloging and trouble-shooting, tech tips, and consumer education materials.
Samir Nawar, President and CEO of Petromin Corporation, and principal signatory, explained, “The agreement with Mighty represents a solid foundation for a lasting relationship with significant long term potential for both companies – not only in Saudi Arabia but far beyond.”
The Petromin Express chain is managed by quick service industry veteran, Jim Harrington, who previously held management positions at Valvoline Instant Oil Change and Victory Lane. Harrington commented, “Having used the Mighty system in the States, I was familiar with the unique benefits for quick service operations. For example, the ease of use with Mighty’s fuel system cleaning products was a big plus when we introduced this service to that part of the world. We have plans to roll out several additional services using Mighty products and programs as Saudi consumers are quickly catching on to America’s appreciation for the importance of automotive maintenance.”
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The Bosch Automotive Aftermarket division plans to acquire the Service Solutions business of SPX Corporation, headquartered in Charlotte, NC. An agreement to this effect was signed in New York City on January 23, 2012. SPX Service Solutions develops, manufactures and sells diagnostic and service tools, workshop equipment, and software for the global automotive aftermarket. For 2011, the business, which is based in Warren, MI, is expected to generate sales of approximately 920 million dollars (660 million euros). It employs some 2,700 associates in 17 countries, primarily in the U.S., Germany, France, and China. This makes the planned acquisition the largest in the history of the Automotive Aftermarket division. The transaction is subject to normal closing conditions and regulatory approvals, and is expected to close during the first half of 2012. The purchase price amounts to 1.15 billion dollars (roughly 883 million euros).
“Acquiring SPX Service Solutions will help make Bosch one of the leading providers of diagnostic solutions,” said Robert Hanser, president of the Automotive Aftermarket division. “The acquisition will allow us to considerably expand our market presence in the diagnostics business, particularly in North America. In addition, we will strengthen our position in Asia Pacificand Europe, especially in our diagnostics business with automakers.”
The product portfolio of SPX Service Solutions includes vehicle repair solutions, including diagnostic tools and software, as well as special repair service tools. In addition, SPX offers technical information, training programs, equipment for dealerships and repair shops, and services for automaker’s service organizations. These products are also used in automakers’ authorized dealerships and repair shops. This acquisition will make Bosch a comprehensive provider of solutions for such operations. The products and services of SPX can be found in many different applications, such as passenger cars, heavy-duty trucks, light commercial vehicles, agricultural machinery, and off-highway applications.
David Kowalski, SPX segment president said, “We are proud that we transformed Service Solutions from a domestic hard tool manufacturer into a global supplier of diagnostic solutions, hard tools and repair information services. Bosch is dedicated to the automotive service sector and has strong relationships with vehicle original equipment manufacturers worldwide. We think Service Solutions is a very good strategic fit with Bosch.”
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