Genuine Parts Bulks Up Its Industrial Division
Atlanta-based Genuine Parts is adding two new companies to its Industrial Group.
On Monday, Genuine Parts announced that its Motion Industries (Canada) subsidiary has agreed to buy 100% of Commercial Solutions, 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. Genuine Parts also announced that it has completed an assets purchase of Lima, Ohio-based Paragon Service & Supply,, an industrial distributor of custom-designed tooling to metalworking companies.
Purchase terms were not disclosed, but Genuine Parts noted that the two purchases combined will add $115 million in annual revenues to its Industrial Group. Industrial is Genuine Parts' second largest division, and roughly tied for third (with Office Products) as the company's second most profitable.
Genuine Parts shares closed down 0.7% in Monday trading, at $82.25.'
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