Action Performance to acquire firms .
TEMPE , Ariz .
1996-12-06
Action Performance Cos Inc said Friday it has agreed to acquire Motorsport Traditions Ltd and Creative Marketing & Promotions Inc for about $ 13 million in cash and stock .
The two firms to be acquired have about $ 25 million in annual revenues from the design , manufacture and sale and distribution of licensed motorsports products .
The deal is expected to close by the end of the year subject to due diligence and other customary closing conditions .