It marks the first transaction for Motion since its landmark $1.2 billion buy of Kaman Distribution Group at the start of 2022.
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The restructuring includes a voluntary retirement offer and "rationalization and optimization" of certain DCs, stores and other facilities.
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Sales for Genuine Parts Company's industrial segment were $2.2 billion, up 0.6% from the same period in 2022.
The industrial parts distributor's profit margin grew 190 bps year-over-year despite sales growth that was less than half that of 1Q.
Motion, Genuine Parts Company's industrial segment, achieved sales of $2.3 billion in 2023's first quarter.
GPC said it will use Cloud services to modernize digital, store, supply chain and advanced data platforms to enhance customer experience
Motion, Genuine Parts Company's industrial segment, achieved better than $8.4 billion in 2022 sales.
William P. Stengel will be President and Chief Operating Officer, and Christopher T. Galla will be Senior Vice President and General Counsel.
The new 105,000 square-foot facility features 55,000 more square feet over the old location, Motion said.
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Sales growth at Motion Industries narrowly outpaced that of 2Q, with organic sales driving the majority of it, alongside a continued boost from Kaman Distribution Group.
The MRO parts distributor said Lisa Solomon has been promoted to senior vice president of corporate accounts.
For the second quarter of 2022, Genuine Parts Company reported record sales of $5.6 billion, a 17% increase over the same period a year ago.
Mike Marks and Tom Gale explore the impact of recent landmark acquisitions and how the mission of strategic deals runs counter to that of private equity.
The company’s board of directors declared a regular quarterly cash dividend of $0.895 per share on common stock.
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Alliance Automotive Group, the company's wholly-owned automotive distribution company based in London, acquired Lausan.
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