ATLANTA, April 5, 2017 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC) announced today an acquisition for its Electrical/Electronic Materials Group.
EIS, the Company's Electrical/Electronic Materials Group, has acquired Empire Wire and Supply (Empire), effective April 1, 2017. Empire, headquartered in Rochester Hills, Michigan, is an innovative provider of custom cable assemblies and distributor of network, electrical, automation and safety products. Empire offers its vast product offering to its North American customer base from three locations in the U.S. and one in Canada and is expected to generate annual revenues of approximately $65 million.
Paul Donahue, President and Chief Executive Officer, stated, "Empire is a leading distributor of cabling and automation solutions as well as custom cable assemblies. Empire complements the Wire and Cable business at EIS and further strengthens our overall capabilities to serve the industrial robotic and automation markets. Their talented team has built a great business, which we intend to grow together, and we are pleased to welcome them to the EIS and GPC family."
Forward Looking Statements
Some statements in this report, as well as in other materials we file with the Securities and Exchange Commission (SEC) or otherwise release to the public and in materials that we make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Senior officers may also make verbal statements to analysts, investors, the media and others that are forward-looking. Forward-looking statements may relate, for example, to future operations, prospects, strategies, financial condition, economic performance (including growth and earnings), industry conditions and demand for our products and services. The Company cautions that its forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors. Such factors may include, among other things, the Company's ability to successfully implement its business initiatives in each of its four business segments; slowing demand for the Company's products; changes in legislation or government regulations or policies; changes in general economic conditions, including unemployment, inflation or deflation; changes in tax policies; volatile exchange rates; high energy costs; uncertain credit markets and other macro-economic conditions; competitive product, service and pricing pressures; the ability to maintain favorable vendor arrangements and relationships; disruptions in our vendors' operations; the Company's ability to successfully integrate its acquired businesses; the uncertainties and costs of litigation; disruptions caused by a failure or breach of the Company's information systems, as well as other risks and uncertainties discussed in the Company's Annual Report on Form 10-K for 2016 and from time to time in the Company's subsequent filings with the SEC.
Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports to the SEC.
About Genuine Parts Company
Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada, Mexico and Australasia. 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 in the U.S. and Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S., Canada and Mexico. Genuine Parts Company had 2016 revenues of $15.3 billion.
SOURCE Genuine Parts Company
For further information: Carol B. Yancey, Executive Vice President and CFO - (678) 934-5044, Sidney G. Jones, Vice President - Investor Relations - (678) 934-5628