ATLANTA, March 8, 2016 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today that is has completed one
automotive acquisition and two industrial acquisitions, effective
March 1, 2016.
GPC Asia Pacific, the Company's wholly-owned automotive
distribution company based in Melbourne,
Australia, completed the acquisition of Covs Parts Pty Ltd
("Covs Parts") from its parent company, Automotive Holdings Group
("AHG"). Covs Parts, located in Welshpool, Western Australia, is a leading distributor
across the state of Western
Australia, focused on original equipment and aftermarket
automotive parts, mining and industrial consumable and truck
products. The addition of 21 Covs Parts branches is expected
to generate annual revenues of approximately $70 million (US$).
Motion Industries, the Company's wholly-owned industrial
distribution company based in Birmingham,
Alabama, has also completed the acquisitions of Epperson and
Company and Missouri Power Transmission. Epperson and
Company, with three locations and based in Tampa, Florida, is an industrial distributor
specializing in material handling products and services.
Missouri Power Transmission, with 15 locations and based in
St. Louis, Missouri, is a
distributor of power transmission equipment and industrial
supplies. Combined, these two companies are expected to
generate approximately $50 million in
annual revenues.
Tom Gallagher, Chairman and CEO
of Genuine Parts Company, stated, "These strategic investments
represent our ongoing commitment to accretive growth through
targeted acquisitions. Covs Parts, Epperson and Company and
Missouri Power Transmission are quality organizations and are
complementary to our existing businesses. We expect all three
teams to further enhance our future growth and are pleased to
welcome them to the GPC family. "
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 2014 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 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 in the U.S. and Canada. The Electrical/Electronic Group, EIS,
Inc., distributes electrical and electronic components throughout
the U.S., Canada and Mexico. Genuine Parts Company had 2015
revenues of $15.3 billion.
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SOURCE Genuine Parts Company