Midas, Uni-Select Sign Exhaust Parts Deal

Midas Inc. officially announced Friday that it has agreed to let Uni-Select Inc. supply Tenneco Automotive Inc.’s exhaust products to its stores in Canada.
Financial terms were not disclosed. Under the agreement, Uni-Select will supply Midas’ more than 200 Canadian stores with Walker-brand exhaust products. The brand replaces Midas’ own since the company closed its Hartford, Wisc., exhaust products plant in September.
By early 2006, Uni-Select will begin phasing the products into Midas shops. The move completes Midas’ exit from the parts manufacturing and distribution business started in 2003 when it closed 11 of its 12 North American distribution centres.
Midas shares rose 43 cents, or 2.4 percent, to $18.36 and Tenneco shares fell 13 cents to $18.07 in afternoon trading on the on the New York Stock Exchange. All figures in U.S. dollars.