December 1, 2009 (FinancialWire) — Auto parts maker Standard Motor Products, Inc. (NYSE: SMP) said it has sold its European distribution business to the current managers of the business for pounds Sterling 1.8 million, or $3 million, in cash and a promissory note and around pounds Sterling 1.9 million in assumed debt.

The company said it will retain its manufacturing operation in Poland, certain land available for sale in the United Kingdom, and a small investment in a joint venture. The proceeds from the sale will be used to pay down debt.

Standard said it estimates non-cash charges for the transaction would range from $6.6 million to around $7.4 million).

New York-based Standard Motor is an automotive replacement parts manufacturer and distributor.

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