ROCHESTER, N.Y. (March 23, 2010) — Monro Muffler Brake Inc. has agreed to buy Import Export Tire Co., a five-store retail chain in the Pittsburgh area, for an undisclosed price.
Buying Import Export will add about $10 million in sales and expand Rochester-based Monro's network of tire-oriented stores in the Pittsburgh area to a dozen locations, Monro said. The Import Export stores are expected to be “slightly accretive” in the first year following the acquisition.
Import Export was founded in 1972, according to its Web site. The stores are in Irwin, Latrobe, Monroeville, New Station and Uniontown, Pa.
Monro said adding the five new stores also should enhance the effectiveness of its Black Gold tire sales program—which strengthens tire sales at Monro Muffler locations—at the 45 Monro-badged stores in the area.
The company expects the acquisition to close by the end of March and to fund it through an existing line of credit. Management intends to retain the store employees of the acquired business.