ATLANTA, April 2, 2013 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC) announced today that it has completed the purchase of the remaining 70% stake of Exego Group for approximately $650 million (US$) in cash and the assumption of approximately $160 million (US$) in net debt, effective April 1, 2013. The purchase was financed using a combination of cash on hand and borrowings under existing credit facilities. The Company had previously purchased a 30% stake in the Exego Group on January 1, 2012, and had announced the pending agreement to acquire the remaining shares on March 11, 2013.
Exego Group, headquartered in Melbourne, Australia, is a leading aftermarket distributor of automotive replacement parts and accessories in Australasia, with annual revenues of more than $1 billion (US$) and a company-owned store footprint of more than 430 locations across Australia and New Zealand.
The Company also announced today that it plans to release First Quarter Earnings on April 19, 2013. Management will also conduct a conference call on this date at 11:00 a.m. Eastern time. The public may access the call on the Company's website, www.genpt.com, by clicking "Investor Services", or by dialing 877-331-5106. The conference ID is 29857123. If you are unable to participate during the call, a replay of the call will be available on the Company's website or toll-free at 855-859-2056, ID 29857123, two hours after the completion of the conference call until 12:00 a.m. Eastern time on May 4, 2013.About Genuine Parts Company Genuine Parts Company is a distributor of automotive replacement parts and accessories in the U.S., Canada and Mexico. The Company also distributes industrial replacement parts in the U.S., Canada and Mexico through its Motion Industries subsidiary. S. P. Richards Company, the Office Products Group, distributes business products nationwide in the U.S. and in Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S., Canada and Mexico. Genuine Parts Company had 2012 revenues of $13.0 billion. SOURCE Genuine Parts Company
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV