Genuine Parts (GPC) To Acquire Full Ownership Of Inenco
Zacks Investment Research | May 22, 2019 09:27PM ET
Genuine Parts Company (NYSE:GPC) will acquire the outstanding 65% stake in Sydney, Australia-based Inenco Group (‘Inenco’). After completing the acquisition, Genuine Parts will have 100% ownership in Inenco. Prior to this, on Apr 3, 2017, the company bought 35% stake in Australia-based Inenco. The recent majority stake acquisition will be funded through a combination of cash and borrowings. Subject to the fulfillment of customary closing conditions, the deal is likely to close on Jul 1, 2019.
Founded in 1954, Inenco is among the top industrial distributors of bearings, power transmission and seals. It has presence across Australia, New Zealand and Asia, with more than 160 locations. This industrial supplier in Australia is expected to generate $400 million in annual revenues.
Owning 100% stake in the leading industrial distributor of Australasia will support Genuine Parts’ plan of expanding in the world’s rapidly growing marketplace. Inenco’s skilled management is projected to be a good addition in Genuine Parts’ industrial portfolio. This is in sync with the company’s strategy of acquiring businesses to improve product offerings and strengthen its global platform to drive robust and sustainable sales growth.
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