ATLANTA, April 19, 2017 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today an acquisition for its U.S.
Automotive Parts Group.
The Company has entered into a definitive agreement to acquire
Merle's Automotive Supply (Merle's), with an effective close date
of May 1, 2017. Merle's,
founded in 1969 and based in Tucson,
Arizona, is a 14 location automotive parts distributor
serving both the commercial and retail markets in the greater
Tucson and southern Arizona area. The addition of Merle's
will consolidate into our U.S. automotive operations and is
expected to generate approximate annual revenues of $45 million.
Paul Donahue, President and Chief
Executive Officer, stated, "Merle's is a leading automotive
distributor in the greater Tucson
area, and this strategic acquisition significantly enhances our
automotive store footprint and competitiveness in the Arizona marketplace. We are excited to
welcome the Merle's team to the U.S. Automotive Parts and GPC
family and look forward to working with them and continuing our
shared tradition of providing quality parts and excellent service
to our customers."
Forward Looking Statements
Some statements in this report, 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. Forward-looking statements may relate, for
example, to future operations, prospects, strategies, financial
condition, economic performance (including growth and earnings),
industry conditions and demand for our products and services. The
Company cautions that its forward-looking statements involve risks
and uncertainties, and while we believe that our expectations for
the future are reasonable in view of currently available
information, you are cautioned not to place undue reliance on our
forward-looking statements. Actual results or events may differ
materially from those indicated as a result of various important
factors. Such factors may include, among other things, the
Company's ability to successfully implement its business
initiatives in each of its four business segments; slowing demand
for the Company's products; changes in legislation or government
regulations or policies; changes in general economic conditions,
including unemployment, inflation or deflation; changes in tax
policies; volatile exchange rates; high energy costs; uncertain
credit markets and other macro-economic conditions; competitive
product, service and pricing pressures; the ability to maintain
favorable vendor arrangements and relationships; disruptions in our
vendors' operations; the Company's ability to successfully
integrate its acquired businesses; the uncertainties and costs of
litigation; disruptions caused by a failure or breach of the
Company's information systems, as well as other risks and
uncertainties discussed in the Company's Annual Report on Form 10-K
for 2016 and from time to time in the Company's subsequent filings
with the SEC.
Forward-looking statements are only as of the date they are
made, and the Company 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 and Australasia. The
Company also distributes industrial replacement parts in the U.S.,
Canada and Mexico through its Motion Industries
subsidiary. S. P. Richards Company, the Office Products
Group, distributes business products in the U.S. and Canada. The Electrical/Electronic Group, EIS,
Inc., distributes electrical and electronic components throughout
the U.S., Canada and Mexico.
Genuine Parts Company had 2016 revenues of $15.3 billion.
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SOURCE Genuine Parts Company