ATLANTA, July 17, 2019 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today an acquisition for its European
Automotive business.
Alliance Automotive Group (AAG), the Company's wholly-owned
automotive distribution company based in London, U.K., has entered into a definitive
agreement to acquire Todd Group (Todd). The transaction is expected
to close in the fourth quarter of 2019 and is contingent upon
satisfaction of customary closing conditions and receipt of
applicable regulatory approvals.
Todd, based in Normandy, France, is a leading distributor of truck
parts and accessories for the independent heavy-duty
aftermarket. Through a national network of 35 branches, Todd
serves its customers with parts and services for all brands of
trucks, trailers, semi-trailers, buses and commercial
vehicles. The Company expects the acquired business to
generate annual revenues of approximately $85 million (US$).
Paul Donahue, Chairman and Chief
Executive Officer of Genuine Parts Company, stated, "We are pleased
to join forces with Todd and further expand our heavy-duty parts
and services offering. The heavy-duty market has largely
avoided the economic and other pressures in Europe and continues to grow at solid
rates. Todd is an excellent organization with a rich history
dating back to 1975, and we are excited to work together to grow
our heavy-duty business in France."
Jean-Jacques Lafont, Chief
Executive Officer of Alliance Automotive Group added, "The addition
of Todd complements the AAG network and builds on our industry
leading position as the largest distributor to the independent
heavy-duty aftermarket in France. We look forward to closing
this transaction and welcoming the Todd team to AAG."
Forward Looking Statements
Some statements in this press release, 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 the anticipated strategic benefits,
synergies and other attributes resulting from this and other
acquisitions, as well as 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, the Company's ability to successfully integrate Todd Group
and prior acquisitions into the Company and to realize the
anticipated synergies and benefits; changes in the automotive
aftermarket or changes in the industrial or business products
markets; the Company's ability to successfully implement its
business initiatives in each of its three business segments;
slowing demand for the Company's products; changes in national and
international legislation or government regulations or policies,
including new import tariffs and data security policies and
requirements; changes in general economic conditions, including
unemployment, inflation (including the impact of potential tariffs)
or deflation and the United
Kingdom's referendum to exit from the European Union,
commonly known as Brexit; changes in tax policies; volatile
exchange rates; volatility in oil prices; significant cost
increases, such as rising fuel and freight expenses; labor
shortages; uncertain credit markets and other macroeconomic
conditions; competitive product, service and pricing pressures; the
ability to maintain favorable vendor arrangements and
relationships; disruptions in our vendors' operations, including
the impact of tariffs and trade considerations on their operations
and output, as required to meet product demand; failure or weakness
in our disclosure controls and procedures and internal controls
over financial reporting; the uncertainties and costs of
litigation; disruptions caused by a failure or breach of the
Company's information systems, as well as other risks and
uncertainties discussed in the Company's Annual Report on Form 10-K
for 2018 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, Australasia, France, the U.K., Germany, Poland, the
Netherlands and Belgium. The Company also distributes
industrial replacement parts and electrical specialty materials in
the U.S., Canada and Mexico through its Industrial Products
Group. S.P. Richards Company, the Business Products Group,
distributes a variety of business products in the U.S. and
Canada. Genuine Parts Company had
2018 revenues of $18.7 billion.
Further information is available at www.genpt.com.
About Alliance Automotive Group
Alliance Automotive Group is a leading distributor of light and
commercial vehicle parts to the independent aftermarket in
France, Germany, the U.K., Poland, the
Netherlands and Belgium
doing business under the Groupauto France, Précisium, Partners and
Gef'Auto brands in France,
Groupauto UK, UAN and FPS in the UK, Alliance Automotive Group
Germany in Germany, Groupauto
Poland in Poland and Brezan,
Staadegaard-TC and Dabeko in the
Netherlands and Belgium. AAG serves approximately
40,000 garages with over 100,000 different parts for repair and
maintenance from a network of more than 300 company-owned stores
and approximately 1,800 affiliated outlets. Further
information is available at www.allianceautomotivegroup.eu.
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SOURCE Genuine Parts Company