Two subsidiaries of Genuine Parts Company are making acquisitions in the industrial and automotive sectors.
GPC has a market capitalisation of approximately $13 billion, employs almost 40,000 people, and owns at least four subsidiary companies.
One of them is called Motion Industries, which is the industrial parts group.
Motion Industries reached an agreement to acquire Apache Hose & Belting Company.
Apache was founded in 1963 and based in Cedar Rapids, Iowa, and is 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 US and serves more than 2,500 customers throughout North America and Europe.
GPC expects Apache to generate estimated annual revenues of $100 million.
Meanwhile another of GPC’s subsidiaries, US Automotive, will consolidate Monroe Motor Products into its operations.
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.
GPC says the addition of Monroe is expected to generate approximately annual revenues of $25 million.
Paul Donahue, CEO of GPC, says: “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.”
“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 US Automotive Parts and GPC family and look forward to working with them to expand our market share in the Rochester trading area.”