Australia's ARB Corp gains as its associate acquires US business from Hoonigan

ARB

09/09/2024 04:55

(Adds analyst comments)
    ** Shares of ARB Corporation  ARB.AX  rise 5.6% to A$42.075,
set for best day since Aug. 20
    ** Motor vehicle parts maker's U.S.-based associate ORW USA
enters into an agreement to acquire 4 Wheel Parts from vehicle
enhancements provider Hoonigan for $30 mln
    ** Acquisition will increase ARB's holding in ORW to 50%
from 30%
    ** Agreement will give ARB greater control of its U.S.-based
distribution, its key growth market - Citi
        ** Jefferies says ARB's recent strategic moves in the
U.S. are encouraging
  
        ** Anticipates more to come in the build-out of this
acquired retail network
  
    ** ARB up 10.8% YTD, as of last close

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))