Atlanta, GA - Genuine Parts Company announced two acquisitions for its Industrial Group.
Effective today, Motion Industries (Canada), Inc. ("Motion Canada"), an indirect wholly-owned subsidiary of the Company's Industrial Group, Motion Industries, has entered into a definitive agreement whereby Motion Canada has agreed to acquire all of the issued and outstanding common shares of Commercial Solutions Inc. Consummation of the merger transaction is expected in the first quarter of 2014, and is contingent upon satisfaction of customary closing conditions, shareholder approval and receipt of applicable regulatory and court approvals.
CSI, headquartered in Edmonton, Alberta, is one of Canada's leading independent national distributors of industrial supplies, including bearings and power transmission products, complete solutions for drilling rigs and industrial and safety supplies. Its customers represent a broad cross-section of industries and are served from 22 locations across Canada and one in the U.S. The Company expects the acquired business to generate more than $100 million in annual revenues.
Also effective today, Motion closed on the acquisition of the assets of Paragon Service & Supply, Inc. ("Paragon"). Headquartered in Lima, Ohio, Paragon is an industrial distributor serving metalworking customers throughout the region with custom designed tooling. The Company expects the acquired business to generate annual revenues of approximately $15 million.
Tom Gallagher, Chairman and Chief Executive Officer of Genuine Parts Company, stated, "The addition of CSI and Paragon better positions Motion Industries for continued growth. We want to welcome both of these fine organizations to the GPC family and look forward to the contributions they will make to our Company in the years ahead."
