- 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
