Toronto, Ontario — Advance Auto Parts announced it is beginning the process of looking into spinning off its Worldpac division and its Canadian business under the Carquest banner.
The announcement comes in tandem with the company’s recent announcement of a “blended box business model” as it also looks into a new cost reduction program.
In its Q3 financial report, Advance Auto Parts said the move could allow the company to save $150 million.
Shane O’Kelly, who took the reins as president and CEO from Tom Greco two months ago, said he’s been working with the board and management in reviewing the business.
Advance Auto Parts has started a sale process that could lead to the company parting with Worldpac and Carquest, under which Advance Auto Parts will go to market in Canada.
Centerview Partners is working with Advance Auto Parts on the sale process and as of this moment, no timetable or deadline has been given for any potential sales.
Advance Auto Parts said that it will not be giving comments or updates on sales until a definitive decision has been made.
