ATLANTA, Nov. 1, 2013 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today acquisitions in its Industrial
and Electrical Groups.
(Logo:
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Effective October 31, 2013, the
Company's Electrical Group, EIS, Inc. ("EIS"), closed on the
acquisition of the assets of Tekra Corporation ("Tekra").
Tekra, headquartered in New Berlin,
Wisconsin, is a leading independent coater, converter and
distributor of specialty films and adhesives, which complements the
fabrication capabilities at EIS. The Company expects the
acquired business to generate annual revenues of approximately
$75 million.
The Company's Industrial Group, Motion Industries ("Motion"),
acquired the stock of AST Bearings LLC ("AST"), effective
October 26, 2013. AST is a
value-added supplier of high precision bearings and related
products, with two locations in Montville, New Jersey and Irvine,
California. The Company expects the acquired business to
generate annual revenues of approximately $35 million.
Tom Gallagher, Chairman and Chief
Executive Officer of Genuine Parts Company, stated, "We are
encouraged by the ample growth opportunities these new businesses
provide us. We continue to target quality organizations to
support the long-term growth strategies in each of our business
segments. We welcome these talented teams to the GPC family
and look forward to the contributions they will make to our Company
in the years ahead."
Forward Looking Statements
Some statements in this report, as well as in other materials we
file with the Securities and Exchange Commission (SEC) or
otherwise release to the public and in materials that we make
available on our website, constitute forward-looking statements
that are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Senior officers may
also make verbal statements to analysts, investors, the media and
others that are forward-looking. Forward-looking statements
may relate, for example, to future operations, prospects,
strategies, financial condition, economic performance (including
growth and earnings), industry conditions and demand for our
products and services. The Company cautions that its
forward-looking statements involve risks and uncertainties, and
while we believe that our expectations for the future are
reasonable in view of currently available information, you are
cautioned not to place undue reliance on our forward-looking
statements. Actual results or events may differ materially
from those indicated as a result of various important
factors. Such factors may include, among other things,
slowing demand for the Company's products, changes in general
economic conditions, including, unemployment, inflation or
deflation, high energy costs, uncertain credit markets and other
macro-economic conditions, the ability to maintain favorable vendor
arrangements and relationships, disruptions in our vendors'
operations, competitive product, service and pricing pressures, the
Company's ability to successfully implement its business
initiatives in each of its four business segments, the Company's
ability to successfully integrate its acquired businesses, the
uncertainties and costs of litigation, as well as other risks and
uncertainties discussed in the Company's Annual Report on Form 10-K
for 2012 and from time to time in the Company's subsequent filings
with the SEC.
Forward-looking statements are only as of the date they are
made, and the Company undertakes no duty to update its
forward-looking statements except as required by law. You are
advised, however, to review any further disclosures we make on
related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other
reports to the SEC.
About Genuine Parts Company
Genuine Parts Company is a distributor of automotive replacement
parts and accessories in the U.S., Canada, Mexico and Australasia. 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