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SMALL BUSINESS
Monro Muffler Brake completes $34 million purchase
AP
ROCHESTER, N.Y. -Auto repair business Monro Muffler Brake Inc. said Tuesday a New England tire store chain it has acquired will add slightly to its earnings.
The purchase of privately owned Tire Warehouse Central for $34 million will add to earnings in the first year and between 6 cents per share and 8 cents per share in the following year, the company said.
Analysts surveyed by Thomson Reuters expect, on average, the Rochester, N.Y., company to earn $1.45 per share in 2010 and $1.77 per share for 2011.
Monroe said it will release its fiscal 2010 second-quarter earnings Oct. 26.
The company said last month it acquired Tire Warehouse Central for $34 million and Midwest Tire & Auto Repair, a chain in northwest Indiana, for $2 million.
Monro Muffler said it will fund the acquisitions using its line of credit. It also plans to retain store employees at the businesses.
Shares of Monro Muffler rose 7 cents to $32.70 in morning trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-13 11:47:14
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