Genuine Parts announces two industrial and automotive acquisitions
Genuine Parts announced acquisitions for both its Industrial Group, Motion Industries, and its U.S. Automotive Parts Group. Motion Industries has entered into a definitive agreement to acquire Apache Hose & Belting Company, with an effective close date of November 1. Apache, founded in 1963 and based in Cedar Rapids, Iowa, specializes in value-added fabrication of belts, hoses and cut and molded products. The company expects Apache to generate estimated annual revenues of $100M. In addition, the company has entered into a definitive agreement to acquire Monroe Motor Products, with an effective close date of November 1. The addition of Monroe is expected to generate approximate annual revenues of $25M.