Motion Industries Announces Agreement to Acquire Lake Erie Abrasive & Tool (LEA&T)
Birmingham, Ala. – Effective August 21, Motion Industries, Inc. a wholly owned subsidiary of Genuine Parts Company, has entered into a definitive agreement whereby Motion Industries has agreed to acquire Lake Erie Abrasive and Tool (LEAT), headquartered in Euclid, Ohio. Consummation of the transaction is expected to take place in early September 2015.
LEAT specializes in custom-designed abrasive systems as well as distribution of quality abrasive products, tools and related machinery. LEA&T's Euclid location as well as its two locations in Greer, South Carolina, and Howell, Michigan, serve customers in a broad crosssection of industries in those geographic areas and beyond.
"We are very excited to become part of Motion Industries and to be able to leverage the added strength that the Company's brand provides," said Allen Howell, President of LEA&T. "It will be a good fit with customer relationships, which for both companies are built on a platform of trust, performance, and satisfaction."
Tim Breen, President and CEO of Motion Industries, stated, "We are thrilled about gaining LEA&T's technical expertise in the abrasives category, which will help broaden Motion Industries' services even more in this product area. We want to welcome all LEA&T employees to the Motion family, and we look forward to the contributions they will make to our Company in the years to come."
With annual sales of $4.8 billion, Motion Industries is a leading industrial parts distributor of bearings, mechanical power transmission, electrical and industrial automation, hydraulic and industrial hose, hydraulic and pneumatic components, industrial products, safety products, and material handling. Motion Industries has over 550 operations including 15 distribution centers throughout North America and serves more than 150,000 customers from the food and beverage, pulp and paper, iron and steel, chemical, mining and aggregate, petrochemical, automotive, wood and lumber, and pharmaceutical industries.
Motion Industries is a wholly owned subsidiary of Genuine Parts Company (NYSE: GPC). Visit our website at www.motionindustries.com. Â Contact us toll-free at (800) 526-9328.
