Genuine Parts Company invests in leading industrial distributor in Australasia
Enters into agreement with Inenco Group
Genuine Parts Company (NYSE: GPC) and Inenco Group (“Inenco”) announced today that they have entered into a definitive strategic agreement whereby Inenco will issue new shares to Genuine Parts Company, representing a 35% stake in Inenco for approximately $70 million (US$) in cash. The effective date of the investment is April 3, 2017.
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 $325 million (US$).