Genuine Parts Company (NYSE: GPC) announced acquisitions for both its Industrial Group, Motion Industries, and its U.S. Automotive Parts Group.
The Company has entered into a definitive agreement to acquire Hastings Auto Parts, Inc. (Hastings), also with an effective close date of October 1, 2018. The addition of Hastings, founded in 1981 and based in the Detroit, Michigan area, will add four stores to GPC’s distribution footprint and expands its presence in the Detroit market. Hastings is expected to generate approximate annual revenues of $10 million USD.
Also, Motion Industries has entered into a definitive agreement to acquire Hydraulic Supply Company (HSC), with an effective close date of October 1, 2018.
HSC, founded in 1947 and based in Sunrise, Florida, is a leading full-service fluid power distributor, with a broad product offering of hydraulic, pneumatic and industrial components and systems. HSC operates from 30 locations primarily in the southeastern United States which are supported by one central distribution center. The Company expects HSC to generate estimated annual revenues of $85 million.
Paul Donahue, President and Chief Executive Officer, stated, “Hastings represents a strategic tuck-in acquisition for our U.S. automotive business, and serves to expand our automotive store footprint and competitiveness in the greater Detroit marketplace. We are pleased to welcome the Hastings team to the U.S. Automotive Parts and GPC family and look forward to working with them to expand our market share in the Detroit trading area.”
Donahue added, “”HSC has over 70 years of experience in serving the fluid power industry, and the addition of HSC enhances Motion’s footprint for additional fluid power product growth. We are excited to welcome the HSC team to the Motion Industries and the GPC family, and we look forward to working with them to grow our products and services offering into the future.