TBC Corporation Completes Acquisition of Midas Inc.

Sumitomo Corporation (President and CEO: Susumu Kato; Head Office: Chuo-ku, Tokyo) hereby announces that TBC Corporation (President and CEO: Lawrence C. Day; Head Office: Florida; "TBC"), a subsidiary of Sumitomo Corporation and Sumitomo Corporation of America (President and CEO: Takeshi Kano; Head Office: New York; "SCOA"), closed and completed the acquisition of Midas Inc. (President and CEO: Alan D. Feldman; Head Office: Illinois; "Midas") on April 30, 2012 (US time), by accepting payment of all outstanding shares of Midas common stock pursuant to TBC's tender offer. The total acquisition price stood at approximately 310 million dollars (25 billion yen). 

TBC is a marketer, retailer, wholesale/distributor of replacement tires and an auto repair and maintenance services provider, operating roughly 1,200 franchised and company-owned tire and auto service stores as well as 56 warehouses throughout the U.S. and 30 warehouses in Mexico. TBC is one of the largest independent tire marketers in the U.S., selling about 25 million replacement tires annually, which represents 10% of the national market. Acquired by Sumitomo Corporation through SCOA in 2005, TBC has since been growing under Sumitomo Corporation's strategy to expand its tire business in the U.S.

Midas is one of the world's largest providers of auto repair and maintenance services, operating franchised and company-owned service stores at a total of 2,250 locations in 14 countries, including 1,500 in the U.S. and Canada. The company holds strong brand awareness, particularly in the U.S., with a consumer recognition rate that exceeds 90%. 

In the U.S. auto-aftermarket, repair and maintenance demand has been growing steadily, reflecting the growing vehicle age. TBC's intention is to capture that demand by increasing both its North American wholesale/distribution network footprint, and store count up to 2,700 through this acquisition. Furthermore, TBC will strengthen its revenue base by realizing various synergies such as increased tire sales and parts procurement in the expanded organization.

【About Midas Inc.】

【About TBC Corporation】

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