Motion Industries announces agreement to acquire Apache Inc.
Motion Industries, Inc., a wholly owned subsidiary of Genuine Parts Company, announced today that it has entered into a definitive agreement to acquire Apache, Inc., headquartered in Cedar Rapids, Iowa. Execution of the transaction will occur on November 1, 2017.
Founded in 1963, Apache offers over 50 years of experience in the industrial hose and belting business. Apache has grown to one of the largest belting companies in North America and is widely recognized across the country for the variety and quality of their hose, belting, custom fabrications, on-site belting services, and consumer products. Apache serves both the industrial and agricultural market from seven sales and production locations in the US through an established distribution network and will continue to do so going forward.
Tom Pientok, Apache’s President and CEO, commented about the acquisition, "We have had a great relationship with the Motion team for many years and this step is really a continuation of our growth strategy. We will preserve and build on the long-standing reputation of the Apache name and we’ll now have access to greater capabilities for accelerated growth. Becoming part of Motion will also assure that our employees will be well-cared for in the future and that we will have the ability to continue to service our customers and represent our supplier partners in the way which they are accustomed. The cultural fit with Motion Industries is ideal and we are very pleased to become part of their team. We could not be happier than to be a part of the Motion family!"
Tony Cefalu, Senior Vice President of Shops and Services for Motion Industries noted that, "The addition of Apache further enhances our value-added offering in our belting and hose business. We have known Tom and his team for a long time and we couldn’t ask for a better or more talented group to partner with."
"We are very pleased with the addition of Apache. This is a well-established company with an outstanding reputation. The acquisition of Apache continues to build upon and complement our growth strategy in the area of hose, belting and material handling. Apache will be operated as part of Motion’s belting group which includes several other acquisitions made over the past few years. We are happy to welcome all Apache employees to the Motion family, and we look forward to the contributions they will make to our Company in upcoming years," commented Tim Breen, President and CEO of Motion Industries.
With annual sales of $4.6 billion, Motion Industries is a leading industrial parts distributor of bearings, mechanical power transmission, electrical and industrial automation, hydraulic and industrial hose, hydraulic and pneumatic components, industrial products, safety products, and material handling. Motion Industries has over 530 locations, including 13 distribution centers throughout North America and serves more than 300,000 customers from the food and beverage, pulp and paper, iron and steel, chemical, mining and aggregate, petrochemical, automotive, wood and lumber, and pharmaceutical industries.
Motion Industries is a wholly owned subsidiary of Genuine Parts Company (NYSE: GPC). Visit our website at www.MotionIndustries.com. Contact us toll-free at (800) 526-9328.