AAP Inc (OTCMKTS:AAPJ), which is engaged in providing a wide range of services to the motor industry across the world, provided a key corporate update last week. It offers the motor industry control systems, powering solutions, and also products that are meant for enhancing comfort.
On March 25, the company revealed that it wanted to appraise its shareholders and those who might be interested in investing in the company in the future about an exciting acquisition opportunity. AAP noted that it had been working on this particular acquisition over the course of the past few months. It went on to state that the completion of this acquisition could be accomplished soon.
While key details with regards to the nature of the acquisition were not furnished, AAP revealed plenty of vital information that suggests that the acquisition might be on its final stretch. The two parties involved in the process have conducted the due diligence with regards to the deal and a final agreement has also been reached.
As of March 25, the deal is now in the final stages and the lawyers from the two companies are working on thrashing out the final draft of the agreement. However, AAP did inform that if the acquisition does go through then it will be taking over a company that is fully operational and also generates revenues.
Paul Bajakin, the Chief Executive Officer of the company, stated that he believes that the acquisition is going to provide AAP with impressive growth in the long term and also provide it with a lot of stability. Earlier in January this year, AAP announced that Ikuo Konno had been relieved of all his duties.
The decision went into immediate effect on January 12, the date of the announcement. Konno had been the Chief Executive Officer and President of the company. On the other hand, he had also been a director and treasurer at AAP.
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