The purchase and sale agreement is currently being negotiated and the buyer is conducting due diligence. In addition, the transaction will be subject to the consent of ATC's bank group as well as customary closing conditions. Therefore, there can be no assurance that the sale of the UK Engine business will be completed successfully. The UK business accounted for 7% of ATC's revenue in 2002 and is expected to provide 9% in 2003.
Aftermarket Technology further announced the name of a new president and COO from January - Don Johnson, who is currently Ford's global director of parts supply and logistics – and its intention to buy back up to $60m worth of its shares in the coming year, subjected to renegotiation of terms with its banks.