NEW YORK (AP) -- Standard Motor Products Inc., which makes automotive replacement parts, said Monday it has sold most of its European distribution business to the management team for about $3 million in cash.
Standard Motor, based in Long Island City, N.Y., said the sale will allow it to focus on its core business operations and reduce debt.
In addition to paying 1.8 million pounds in cash, the buyers agreed to assume 1.9 million pounds ($3.1 million) in debt.
Standard Motor said it will retain its manufacturing operation in Poland, certain parcels of land in the United Kingdom and a "small investment" in a joint venture.
Non-cash charges from the sale would range between 4 million pounds and 4.5 million pounds ($6.6 million to $7.4 million), Standard Motor said.
Shares of Standard Motor closed Friday at $9.06.