ATLANTA, April 2, 2013 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today that it has completed the
purchase of the remaining 70% stake of Exego Group for
approximately $650 million (US$) in
cash and the assumption of approximately $160 million (US$) in net debt, effective
April 1, 2013. The purchase was
financed using a combination of cash on hand and borrowings under
existing credit facilities. The Company had previously
purchased a 30% stake in the Exego Group on January 1, 2012, and had announced the pending
agreement to acquire the remaining shares on March 11, 2013.
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Exego Group, headquartered in Melbourne, Australia, is a leading aftermarket
distributor of automotive replacement parts and accessories in
Australasia, with annual revenues of more than $1 billion (US$) and a company-owned store
footprint of more than 430 locations across Australia and New
Zealand.
The Company also announced today that it plans to release First
Quarter Earnings on April 19,
2013. Management will also conduct a conference call on this
date at 11:00 a.m. Eastern time.
The public may access the call on the Company's website,
www.genpt.com, by clicking "Investor Services", or by dialing
877-331-5106. The conference ID is 29857123. If you are
unable to participate during the call, a replay of the call will be
available on the Company's website or toll-free at 855-859-2056, ID
29857123, two hours after the completion of the conference call
until 12:00 a.m. Eastern time on
May 4, 2013.
About Genuine Parts Company
Genuine Parts Company is a distributor of automotive replacement
parts and accessories in the U.S., Canada and Mexico. The Company also distributes
industrial replacement parts in the U.S., Canada and Mexico through its Motion Industries
subsidiary. S. P. Richards Company, the Office Products
Group, distributes business products nationwide in the U.S. and in
Canada. The Electrical/Electronic Group, EIS, Inc.,
distributes electrical and electronic components throughout the
U.S., Canada and Mexico.
Genuine Parts Company had 2012 revenues of $13.0 billion.
SOURCE Genuine Parts Company