Monro Muffler Brake completes $34 million purchase

ROCHESTER — Auto repair business Monro Muffler Brake Inc. said Tuesday a New England tire store chain it has acquired will add slightly to its earnings.

The purchase of privately owned Tire Warehouse Central for $34 million will add to earnings in the first year and between 6 cents per share and 8 cents per share in the following year, the company said.

Analysts surveyed by Thomson Reuters expect, on average, the Rochester, N.Y., company to earn $1.45 per share in 2010 and $1.77 per share for 2011.

Monroe said it will release its fiscal 2010 second-quarter earnings Oct. 26.

The company said last month it acquired Tire Warehouse Central for $34 million and Midwest Tire & Auto Repair, a chain in northwest Indiana, for $2 million.

Monro Muffler said it will fund the acquisitions using its line of credit. It also plans to retain store employees at the businesses.

Shares of Monro Muffler rose 7 cents to $32.70 in morning trading.

Back To Top