ATLANTA, May 19, 2016 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today an acquisition for its Office
Products Group.
S.P. Richards Company, the Company's Office Products Group, has
entered into a definitive agreement to acquire The Safety Zone LLC
("Safety Zone"). Consummation of the transaction is expected
on June 1, 2016, and is contingent
upon satisfaction of customary closing conditions.
Safety Zone, headquartered in Guilford, Connecticut, is a direct importer
and distributor of supplies and devices for safety, janitorial,
medical, food service and food processing applications. Its
broad customer base of more than 2,300 distributors is served from
eight distribution centers in the U.S. and one in Canada. The
addition of Safety Zone is expected to generate annual revenues of
approximately $180 million.
Paul Donahue, President and Chief
Executive Officer of Genuine Parts Company, stated, "The purchase
of Safety Zone represents our ongoing commitment to accretive
growth through targeted acquisitions. Our investment in
Safety Zone serves to further diversify S.P. Richards' product offering and is
complementary to previous acquisitions such as Impact Products,
Malt Industries and Garland C.
Norris. The combination of these businesses along with
our core facilities and breakroom supplies offering substantially
enhance our growth opportunities with the traditional reseller
customers as well as the janitorial and sanitation supply, food
service, food processing and safety distributor channels. We
are pleased to welcome the Safety Zone team to the S.P. Richards
and 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 2015 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