BIRMINGHAM, Ala.—Motion Industries Inc., a wholly owned subsidiary of Genuine Parts Co., entered into a definitive agreement to acquire Apache Inc., headquartered in Cedar Rapids, Iowa. Execution of the transaction will occur Nov. 1, 2017.
Apache will be operated as part of Motion's belting group, which includes several other acquisitions made over the past few years. Motion will retain Apache's employees, said Tim Breen, president and CEO of Motion.
The acquisition will bring access to greater capabilities for accelerated growth, said Tom Pientok, Apache president and CEO.
"Becoming part of Motion will also assure that our employees will be well-cared for in the future and that we will have the ability to continue to service our customers and represent our supplier partners," he added.
Apache serves the industrial and agricultural belting markets from seven sales and production locations throughout the U.S. It also provides hoses, custom fabrications, on-site belting services and consumer products. It serves the industrial and agricultural market from seven sales and production locations in the U.S. through an established distribution network and will continue to do so going forward.
The addition of Apache enhances Motion's value-added offering in its belting and hose business, said Tony Cefalu, senior vice president of shops and services for Motion.
Motion has an annual sales of $4.6 billion, and 500 locations, including 13 distribution centers throughout North America. It serves more than 300,000 customers from the food and beverage, pulp and paper, iron and steel, chemical, mining and aggregate, petrochemical, automotive, wood and lumber, and pharmaceutical industries.