Genuine Parts Company announced an acquisition for its Industrial Parts Group.
Motion Industries has entered into a definitive agreement to acquire Axis New England and Axis New York, with an effective close date of March 1, 2019, subject to the satisfaction of customary closing conditions.
Axis New England, founded in 1994 and based in Danvers, Massachusetts, is a leading automation and robotics company with expertise in advanced machine automation.
Additionally, the company sells related component parts and systems as well as engineered systems, primarily serving the northeast U.S. from its Danvers facility and a second location in Rochester, New York (Axis New York). The Company expects Axis to generate estimated annual revenues of $55 million.
Paul Donahue, President and Chief Executive Officer, stated, “Axis is a well-established company that further expands Motion’s capabilities in the area of industrial plant floor automation. We are excited to welcome the Axis team to the Motion Industries and the GPC family, and we look forward to working with them to grow our business in the years ahead.”