ATLANTA, June 7, 2018 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today an acquisition for its European
Automotive business.
Alliance Automotive Group (AAG), the Company's wholly-owned
automotive distribution company based in London, U.K., has entered into a definitive
agreement to acquire Hennig Fahrzeugteile Group. The transaction is
expected to close by August 1, 2018,
and is contingent upon satisfaction of customary closing conditions
and receipt of applicable regulatory approvals.
Hennig Fahrzeugteile Group, headquartered in Essen, North
Rhine-Westphalia, is one of Germany's leading suppliers of light and
commercial vehicle parts. Hennig Fahrzeugteile has 31 branches
across Germany and serves more
than 9,000 customers, predominantly independent workshops and
retailers. The Company expects the acquired business to generate
annual revenues of approximately $190
million (US$).
Paul Donahue, Chief Executive
Officer of Genuine Parts Company, stated, "Hennig Fahrzeugteile
Group is a premier supplier of vehicle parts in the German
marketplace, and the addition of this business serves to further
expand our presence and scale in Europe as we build on our global growth
strategy. We are pleased to welcome the Hennig Fahrzeugteile
team into the AAG and GPC family and expect the combination of our
organizations to be a great fit, both financially and
strategically. We look forward to the many contributions the
Hennig Fahrzeugteile team will make in the years ahead."
Jean-Jacques Lafont, Chief
Executive Officer of Alliance Automotive Group added, "We look
forward to welcoming Hennig Fahrzeugteile Group to the AAG
organization. With this acquisition we continue our expansion in
Germany and add another
competitive network to serve 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 the proposed business combination transaction between
the Company and Essendant, Inc. ("Essendant") in which the Company
will spin-off its Business Products Group and combine this business
with Essendant or the acquisition of Alliance Automotive Group
(AAG) and the anticipated strategic benefits, synergies and other
attributes of these transactions, as well as 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 integrate AAG into the Company and to realize the
anticipated synergies and benefits; changes in the European
aftermarket; the Company's ability to complete the transaction to
spin-off its Business Products Group; the Company's ability to
successfully implement its business initiatives in each of its
three 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 2017 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, Australasia, France, the U.K., Germany and Poland. The Company also
distributes industrial replacement parts and electrical and
electronic materials in the U.S., Canada and Mexico through its Industrial Products
Group. S.P. Richards Company, the Business Products Group,
distributes a variety of business products in the U.S. and
Canada. Genuine Parts Company had
2017 revenues of $16.3 billion.
Further information is available at www.genpt.com.
About Alliance Automotive Group
Alliance Automotive Group is a leading distributor of light and
commercial vehicle parts to the independent aftermarket in
France, Germany, the U.K., and Poland, doing business under the Groupauto
France, Précisium, Partners and Gef'Auto brands in France, Groupauto UK, UAN and FPS in the UK,
Alliance Automotive Group Germany in Germany and Groupauto Poland in Poland.
AAG serves approximately 40,000 garages with over 100,000 different
parts for repair and maintenance from a network of more than 300
company-owned stores and approximately 1,800 affiliated
outlets. Further information is available at
www.allianceautomotivegroup.eu.
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SOURCE Genuine Parts Company