Australia's RPM Automotive climbs on acquisition of tyre businesses

Rpm Automotive

05/04/2022 03:18

** Shares of RPM Automotive Group  RPM.AX  jump as much as
5.7% to A$0.285, highest since March 21
    ** Co set for best day since March 16 if gains hold
    ** The auto part dealer says it acquired two specialist tyre
businesses - Victoria Wide Tyre Service and ACT Total
Tyres  urn:newsml:reuters.com:*:nASXbB2Wvd
    ** RPM will buy Victoria Wide and ACT Tyre for A$6.8
mln($5.13 mln )and A$0.87 mln, respectively
    ** Co says deal expected to  generate combined A$14 mln of
revenue in FY22
    ** As of last close, stock down nearly 13% this year    



($1 = 1.3268 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))