ATLANTA, Feb. 3, 2014 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today three acquisitions for its
Industrial, Electrical/Electronic and Office Groups.
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Effective January 31, 2014, Motion
Industries (Canada), Inc. ("Motion
Canada"), an indirect wholly-owned subsidiary of the Company's
Industrial Group, Motion Industries ("Motion"), completed the
acquisition of all of the issued and outstanding common shares of
Commercial Solutions Inc. ("CSI"), as previously announced on
December 2, 2013. 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 approximately
$100 million in annual revenues.
Effective February 1, 2014, EIS,
the Company's Electrical/Electronic Material Group, closed on the
acquisition of the assets of Electro-Wire, Inc.
("Electro-Wire"). Headquartered in Schaumburg, Illinois, Electro-Wire is a
leading North American distributor and contract manufacturer of
specialty wire and cable products with four locations in
the United States and primarily
serving the telecom and transit markets. The Company expects
the acquired business to generate annual revenues of approximately
$100 million.
Finally, S. P. Richards, the
Company's Office Products Group, has acquired the assets of Garland
C. Norris Company, Inc. ("GCN"), also effective February 1, 2014. Headquartered in
Apex, North Carolina, GCN is a
regional wholesale distributor of Food Service Disposables and
Janitorial and Cleaning supplies. The Company expects the
acquired business to generate approximately $35 million in annual revenues.
Tom Gallagher, Chairman and Chief
Executive Officer of Genuine Parts Company, stated, "We are pleased
to have closed on the acquisition of CSI, as we believe they
provide Motion with significant growth opportunities across
Canada. Likewise, the addition of Electro-Wire and GCN better
positions EIS and S. P. Richards,
respectively, for future growth. Electro-Wire strengthens the
specialty wire and cable capabilities at EIS, and GCN serves to
further diversify S. P. Richards'
product offering into complementary, adjacent markets. We
want to welcome these fine organizations to the GPC family and we
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