Genuine Parts Company completes Inenco acquisition
Genuine Parts Company announced that it has purchase the remaining 65 percent stake of Inenco Group, effective July 1, 2019.
GPC previously purchased a 35 percent stake in Inenco on April 3, 2017 and held the opportunity to acquire the remaining stake at a later date.
Inenco, founded in 1954, is one of Australasia's leading industrial distributors of key product categories such as bearings, power transmission and seals. It has more than 160 locations across Australia and New Zealand as well as an emerging presence in Asia and generates estimated annual revenues of approximately AU$550 million (US$400 million). Inenco, combined with GPC's automotive business in Australasia, acquired in 2013, provides GPC with annual revenues of approximately AU$2.2 billion (US$1.6 billion) in this key region.
"We are very pleased to complete the Inenco acquisition and move forward with 100 percent ownership of this outstanding organization. Inenco and its talented management team have consistently exceeded our expectations throughout our two-year partnership and represent a significant addition to our global industrial portfolio. In addition, this business operates in the large and growing Australasian marketplace and presents synergistic opportunities via world class supplier partners and an extensive and diverse customer base, which align with Motion Industries, our industrial business in North America. Likewise, we expect to realize additional cost-related synergies associated with our automotive business in Australasia," said Paul Donahue, chairman and chief executive officer of Genuine Parts Company.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
