GENUINE PARTS COMPANY ENTERS INTO DEFINITIVE AGREEMENT TO COMPLETE ACQUISITION OF LEADING INDUSTRIAL DISTRIBUTOR IN AUSTRALASIA

Genuine Parts Company announced today that it has entered into a definitive agreement to acquire the remaining 65% stake of Inenco Group (Inenco), headquartered in Sydney, Australia.

The Company previously purchased a 35% stake in Inenco on April 3, 2017 and held the opportunity to acquire the remaining stake at a later date, subject to certain conditions being satisfied. The Company expects to finance the balance of the purchase price using a combination of cash and borrowings. Subject to the satisfaction of customary closing conditions, the acquisition is expected to close on July 1, 2019.

Inenco Group, founded in 1954, is one of Australasia’s leading industrial distributors of key product categories such as bearings, power transmission and seals.  It has more than 160 locations across Australia and New Zealand as well as an emerging presence in Asia and generates estimated annual revenues of approximately $400 million.

Genuine Parts Company 22.05.2019