Boyds Wheels Buys Hot Rods By Boyd
STANTON — Boyds Wheels Inc. said it has acquired its sister company, Hot Rods By Boyd, for about $750,000 in stock. Hot Rods By Boyd, a custom car designer and builder, was owned by Boyds Wheels Chairman and Chief Executive Boyd Coddington and his wife.
Boyds Wheels, which went public in September 1995, was granted the option to purchase Hot Rods By Boyd at the time of the initial public offering.
Hot Rods By Boyd reported net sales of $1.6 million and a profit of $328,000 in 1995. Boyds Wheels reported a $1.6-million profit, equal to 53 cents a share, on sales of $20.5 million for the first nine months of 1996.
Boyds Wheels common stock rose 12.5 cents Monday to close at $14 a share in light Nasdaq trading.
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