Advances Strategic Initiative to Own More
Stores in Priority Markets
ATLANTA, May 1, 2024 /PRNewswire/ -- Genuine Parts Company
(NYSE: GPC), a leading global distributor of automotive and
industrial replacement parts, announced today an acquisition for
its U.S. Automotive business. Effective April 30, 2024, the
company acquired Motor Parts & Equipment Corporation
(MPEC).
MPEC, founded in 1938, is based in Rockford, Illinois. It is the largest
independent owner of NAPA Auto Parts stores in the U.S., operating
181 locations across Illinois,
Indiana, Iowa, Michigan, Minnesota and Wisconsin.
"We are pleased to announce the completion of this strategic
acquisition, which aligns with our initiative to own more NAPA
stores in priority markets," said Will Stengel, President
& CEO-elect of GPC. "We appreciate our long-standing
partnership with MPEC's Executive Chairman, Joseph Hansberry, and welcome our new MPEC
teammates to GPC and NAPA. We are excited to work together to
deliver solutions and value to our customers."
About Genuine Parts Company
Established in 1928,
Genuine Parts Company is a leading global service organization
specializing in the distribution of automotive and industrial
replacement parts. Our Automotive Parts Group operates across the
U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the
Netherlands, Belgium,
Spain and Portugal, while our Industrial Parts Group
serves customers in the U.S., Canada, Mexico and Australasia. We keep the world
moving with a vast network of over 10,700 locations spanning 17
countries supported by more than 60,000 teammates. Learn more at
genpt.com.
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SOURCE Genuine Parts Company