Green Automotive Signs to Acquire UK Parts Remanufacturing Business Transhock

Green Automotive Company (OTCQB: GACR) has t announced that it has signed a binding agreement to buy Transhock Ltd., a well established re-manufacturer and distributor of vehicle parts and accessories based in the  UK. 

The company reported circa $7m+ of revenues for the year ended 31st March 2013 (to UK GAAP), and was both profitable and cash flow positive.

For Green Automotive, this acquisition presents an opportunity to build its position in the growing market for recycling vehicle parts and in particular to extend, and develop its range of remanufactured parts for electric vehicles, especially in the area of battery technology.

According to Ian Hobday, CEO of Green Automotive, “Recycling and remanufacturing car and truck parts is a lucrative business that also makes environmental sense. By reusing existing parts instead of making new ones, we not only reduce operating costs, but more importantly reduce greenhouse gases and our environmental footprint.”

More at: www.thegreenautomotivecompany.com.

 

 

Category: General Update, Green, Vehicles