ATLANTA, Dec. 2, 2013 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today two acquisitions for its
Industrial Group.
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Effective today, Motion Industries (Canada), Inc. ("Motion Canada"), an indirect
wholly-owned subsidiary of the Company's Industrial Group, Motion
Industries ("Motion"), has entered into a definitive agreement
whereby Motion Canada has agreed to acquire all of the issued and
outstanding common shares of Commercial Solutions Inc. ("CSI").
Consummation of the merger transaction is expected in the first
quarter of 2014, and is contingent upon satisfaction of customary
closing conditions, shareholder approval and receipt of applicable
regulatory and court approvals.
CSI (TSX: CSA), headquartered in Edmonton, Alberta, is one of Canada's leading independent national
distributors of industrial supplies, including bearings and power
transmission products, complete solutions for drilling rigs and
industrial and safety supplies. Its customers represent a broad
cross-section of industries and are served from 22 locations across
Canada and one in the U.S. The
Company expects the acquired business to generate more than
$100 million in annual revenues.
Also effective today, Motion closed on the acquisition of the
assets of Paragon Service & Supply, Inc. ("Paragon").
Headquartered in Lima, Ohio,
Paragon is an industrial distributor serving metalworking customers
throughout the region with custom designed tooling. The Company
expects the acquired business to generate annual revenues of
approximately $15 million.
Tom Gallagher, Chairman and Chief
Executive Officer of Genuine Parts Company, stated, "The addition
of CSI and Paragon better positions Motion Industries for continued
growth. We want to welcome both of these fine organizations 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