Genuine Parts to take 35% stake in Inenco for $70M
April 03, 2017
Industrial Supplies | Chullora, Australia | Corporate Acquisition
Genuine Parts (NYSE: GPC) has agreed to purchase a 35% stake in Australia's Inenco for approximately $70 million in cash effective April 3, with the opportunity to acquire the remaining 65% stake at a later date. Founded in 1954, the company operates 161 locations across Australia and New Zealand, distributing bearings, power transmission and seals.