Automotive Performance to Spin Off Assets

Automotive Performance Group Inc. of Garden Grove said it plans to spin off several of its smaller assets to its shareholders, including Boyds Wheels Inc., the custom wheel maker that it rescued from bankruptcy earlier this year. The move is part of a restructuring at APG, which is taking a 22% stake in PBT Brands Inc., a new company formed to acquire the Permatex division of Locite Corp. Permatex makes chemical products for the automotive repair markets. APG bought an 80% stake in Boyds in April, then moved the company from Stanton to Tempe, Ariz. Boyds specializes in custom auto and motorcycle wheels, steering wheels, motorcycle customizing parts and auto-care products. APG shares, which are thinly traded, fell 9 cents to $1.16 in over-the-counter trading.