Dec 21 2009
Genuine Parts Company (NYSE: GPC) announced today that its Industrial Parts Group, Motion Industries, has entered into a definitive agreement to acquire substantially all of the North American assets of BC Bearing (BC Bearing, US Bearings and Norcan), headquartered in Vancouver, British Columbia.
BC Bearing is a long established, well managed family owned bearing and power transmission distributor operating fifty-three branches throughout western Canada and the northwestern U.S. Subject to regulatory approval, the Company expects the purchase to close on or around March 1, 2010 and generate annual revenues of approximately $185 million (CDN).
Bill Stevens, President and CEO of Motion Industries, stated, "The acquisition of BC Bearing allows Motion Industries to continue its expansion in Canada and the northwestern U.S., where we see significant growth opportunities. BC Bearing is a highly regarded company with a strong management team and an excellent reputation among their commercial customer base. We believe the superior product offering and service capabilities created by the combined operations of Motion Industries and BC Bearing will serve to benefit these customers, as well as the entire marketplace."