Atlanta, GA - Genuine Parts Company announced acquisitions in its Industrial and Electrical Groups.
Effective October 31, 2013, the Company's Electrical Group, EIS, Inc. ("EIS"), closed on the acquisition of the assets of Tekra Corporation ("Tekra"). Tekra, headquartered in New Berlin, Wisconsin, is a leading independent coater, converter and distributor of specialty films and adhesives, which complements the fabrication capabilities at EIS. The Company expects the acquired business to generate annual revenues of approximately $75 million.
The Company's Industrial Group, Motion Industries ("Motion"), acquired the stock of AST Bearings LLC ("AST"), effective October 26, 2013. AST is a value-added supplier of high precision bearings and related products, with two locations in Montville, New Jersey and Irvine, California. The Company expects the acquired business to generate annual revenues of approximately $35 million.
Tom Gallagher, Chairman and Chief Executive Officer of Genuine Parts Company, stated, "We are encouraged by the ample growth opportunities these new businesses provide us. We continue to target quality organizations to support the long-term growth strategies in each of our business segments. We welcome these talented teams to the GPC family and look forward to the contributions they will make to our Company in the years ahead."