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RPM Automotive: Completes Citic Autoparts purchase | Fintech InShorts: Latest fintech news, analysis by experts

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RPM Automotive: Completes Citic Autoparts purchase

By Steve Sam

November 8, 2020

RPM Automotive (RPM) has completed the purchase of Citic Autoparts and took full ownership of the business on November 1
As a result, Citic Autoparts has undergone a name change and is now known as RPM Autoparts (AUT)
RPM executed a purchase agreement in mid-September to acquire all shares in Citic Autoparts for $3.2 million
For the eight months leading up to FY21, AUT is expected to generate roughly $12.75 million in revenue and $500,000 in operating profit
This is expected to significantly increase in FY22 as a result of the consistency of supply
RPM has ended the day 12.2 percent in the green with shares trading for 23 cents each

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