Genuine Parts Company announces strategic agreement in Australasian market
Motion Industries, a leading distributor of industrial maintenance, repair, and operation replacement parts, is pleased to announce that Genuine Parts Company (GPC) has entered into a strategic agreement in the Australasian market with Inenco Group, a leading industrial distributor in Australia and New Zealand. Per the accompanying GPC press release, GPC will own 35% of Inenco Group, with the option to purchase the remaining shares at a later date.
Inenco Group, founded in 1954 and headquartered in Sydney, Australia, is one of Australasia's leading industrial distributors of key product categories such as bearings, power transmission and seals. It has 161 locations across Australia and New Zealand as well as an emerging presence in Asia, and generates estimated annual revenues of approximately $325 million (US$).