Motion Industries acquires AST Bearings
Genuine Parts Company announced two acquisitions in its Industrial and Electrical Groups.
Effective Oct. 31, the company's Electrical Group, EIS Inc., closed on the acquisition of Tekra Corporation. Headquartered in New Berlin, Wis., Tekra is an independent coater, converter and distributor of specialty films and adhesives, which complements the fabrication capabilities at EIS. The company expects the acquired business to generate annual revenues of approximately $75 million.
The company's Industrial Group, Motion Industries, acquired the stock of AST Bearings, effective Oct.26. AST is a supplier of high precision bearings and related products, with two locations in Montville, N.J. and Irvine, Calif. The company expects the acquired business to generate annual revenues of approximately $35 million.
Tom Gallagher, chairman and chief executive officer of Genuine Parts Company, stated, "We are encouraged by the ample growth opportunities these new businesses provide us. We continue to target quality organizations to support the long-term growth strategies in each of our business segments. We welcome these talented teams to the GPC family and look forward to the contributions they will make to our company in the years ahead."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
