Genuine Parts Company Announces Industrial And Automotive Acquisitions
Friday, October 20th, 2017
Genuine Parts Company announced acquisitions for both its Industrial Group, Motion Industries, and its U.S. Automotive Parts Group.
Motion Industries has entered into a definitive agreement to acquire Apache Hose & Belting Company, Inc. (Apache), with an effective close date of November 1, 2017. Apache, founded in 1963 and based in Cedar Rapids, Iowa, offers over 50 years of experience in the industrial hose and belting business, specializing in value-added fabrication of belts, hoses and cut and molded products used in a wide array of industries and applications. Apache operates from seven locations in the United States and serves more than 2,500 customers throughout North America and Europe. The Company expects Apache to generate estimated annual revenues of $100 million.
In addition, the Company has entered into a definitive agreement to acquire Monroe Motor Products (Monroe), with an effective close date of November 1, 2017. Monroe, founded in 1917 and based in Rochester, New York, is a leading regional automotive parts distributor with 17 stores and a large hub location. The addition of Monroe will consolidate into our U.S. Automotive operations and is expected to generate approximate annual revenues of $25 million.
Paul Donahue, President and Chief Executive Officer, stated, "Apache is a premier distributor serving both the industrial and agricultural markets and combined with Motion, creates a market leading value-added offering in the belting and hose business. We are excited to welcome the Apache team to the Motion Industries and the GPC family, and we look forward to working with them to grow our businesses into the future."
Mr. Donahue added, "This strategic acquisition expands our automotive store footprint and fills a significant void for us in the greater Rochester marketplace. We are pleased to welcome the Monroe team to the U.S. Automotive Parts and GPC family and look forward to working with them to expand our market share in the Rochester trading area."