The transaction is scheduled to be completed in November, 2005 and is subject to customary regulatory approvals.
"We are excited about the opportunity to provide the best service in all areas of the country, taking advantage of the complementary strengths of the two companies and adding value to our partners and customers," said Gary Lubner, Chief Executive Officer CEO of Belron S.A. "I am confident that the valuable brands of Autostock International and Belron Canada, together with the employees and franchisees who operate them, will provide enormous value to our company and the Canadian consumer."
Once the transaction is completed, Belron Canada customers will have access to an extensive corporate and franchise network as well as an improved wholesale distribution network across the country.
"Belron is the best positioned company to continue to build these businesses and I am pleased to see these two companies come together" said Allan Skidmore, Co-Executive Chairman and CEO TCG International, CEO- Automotive Group. "I am fully satisfied that Belron will build upon the successful strategies and business we have put in place."