Advance Auto Parts sells Worldpac unit to Carlyle Group for $1.5 billion, cuts forecast

Quick Summary:

Advance Auto Parts said on Thursday it would sell its Worldpac unit for $1.5 billion as part of its latest attempt at streamlining operations, but cut its annual results forecast, sending its shares down about 17 per cent.

Advance now expects its net sales in 2024 to be between $11.15 billion and $11.25 billion, down from its prior expectations of $11.3 billion and $11.4 billion.

Advance had acquired Worldpac in 2014 when it bought General Parts International.

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Category: EconomyBusiness

Markets: SingaporeJapan

Topics: Billion Worldpac Advance Unit Carlyle Annual Parts Sells Group Company Auto

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-22 @ 18:23:14 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 480 words

Reading Time: 3 minutes read

Sentences: 21 lines

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News ID: 22213449

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