Genuine Parts Acquires North American Assets Of BC Bearing
To expand business in Canada and northwestern US
Motion Industries, a subsidiary of Genuine Parts, has entered into a definitive agreement to acquire all of North American assets of Vancouver-based BC Bearing (BC Bearing, US Bearings and Norcan).
BC Bearing is a bearing and power transmission distributor operating 53 branches throughout western Canada and the northwestern US. Subject to regulatory approval, the company expects the purchase to close on or around March 1, 2010 and generate annual revenues of approximately C$185m.
Thomas Gallagher, chairman, president and CEO of Genuine Parts, said: “The acquisition of BC Bearing allows Motion Industries to continue its expansion in Canada and the northwestern US, 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.”
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