ATLANTA, Oct. 1, 2019 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today that it has completed the sale
of its wholly-owned subsidiary EIS, Inc. (EIS), the Electrical
Specialties Group of Motion Industries, to Audax Private Equity
(Audax), effective September 30,
2019.
Paul Donahue, Chairman and Chief
Executive Officer of GPC, stated, "We are very pleased to complete
the sale of EIS and take another step forward in our strategy to
optimize our portfolio. We want to thank the entire EIS team, whose
hard work and dedication made this transaction possible."
The Company will provide additional details associated with this
divestiture and its impact to future results when it reports its
third quarter on October 17,
2019.
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. This press release
contains forward-looking statements, including statements regarding
the completed business transaction between Audax and GPC in which
GPC sold its Electrical Specialties Group to Audax. From time
to time, oral or written forward-looking statements may also be
included in other information released to the public. These
forward-looking statements are intended to provide management's
current expectations or plans for our future operating and
financial performance, based on assumptions currently believed to
be valid. Forward-looking statements often contain words such as
"expects," "anticipates," "estimates," "intends," "plans,"
"believes," "seeks," "will," "is likely to," "scheduled,"
"positioned to," "continue," "forecast," "predicting,"
"projection," "potential" or similar expressions. Forward looking
statements may include references to goals, plans, strategies,
objectives, projected costs or savings, anticipated future
performance, results, anticipated benefits of the completed
transaction, and other statements that are not strictly historical
in nature. These forward-looking statements are based on
management's current expectations, forecasts and assumptions. This
means they involve a number of risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied here, including but not limited to: negative effects of the
consummation of the transaction on the market price of GPC's common
stock and/or on its business, financial condition, results of
operations and financial performance; significant transaction costs
and/or unknown liabilities; the possibility that the anticipated
benefits from the proposed transaction cannot be realized in full
or at all or may take longer to realize than expected; or risks
associated with transaction related litigation. Stockholders,
potential investors and other readers are urged to consider these
risks and uncertainties in evaluating forward-looking statements
and are cautioned not to place undue reliance on the
forward-looking statements.
Forward-looking statements are only as of the date they are
made, and GPC 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 in the U.S., Canada, Mexico and Australasia through its Industrial
Parts 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.
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SOURCE Genuine Parts Company