Motion Industries makes two acquisitions
Genuine Parts Company announced the acquisitions of Paragon Service & Supply by Motion Industries and Commercial Solutions Inc. by Motion Canada.
The acquisition of CSI by Motion Canada, the wholly-owned subsidiary of Motion Industries, is expected to close in the first quarter of 2014, contingent upon shareholder and regulatory approvals.
Headquartered in Edmonton, Alberta, CSI is an independent national distributor of industrial supplies, including bearings and power transmission products, complete solutions for drilling rigs and industrial and safety supplies. Its customers represent a broad cross-section of industries and are served from 22 locations across Canada and one in the U.S. The company expects the acquired business to generate more than $100 million in annual revenues.
Also effective today, Motion closed on the acquisition of Paragon Service & Supply Inc. Headquartered in Lima, Ohio, Paragon is an industrial distributor serving metalworking customers throughout the region with custom designed tooling. The company expects the acquired business to generate annual revenues of approximately $15 million.
"The addition of CSI and Paragon better positions Motion Industries for continued growth. We want to welcome both of these fine organizations to the GPC family and look forward to the contributions they will make to our company in the years ahead," said Tom Gallagher, chairman and chief executive officer of Genuine Parts Company.
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.
