Motion Industries Announces Agreement to Acquire Missouri Power Transmission
Birmingham, Ala. – Effective today, Motion Industries, Inc., a wholly owned subsidiary of Genuine Parts Company (NYSE: GPC), has entered into a definitive agreement whereby Motion Industries has agreed to acquire Missouri Power Transmission. Execution of the transaction is expected to take place March 1, 2016.
Missouri Power Transmission has been a distributor of power transmission equipment and industrial supplies since 1970. The company specializes in chains, sprockets, bearings, seals, electric motors and controls, belting, and related industrial parts. Headquartered in St. Louis, Missouri Power Transmission services customers from 15 branch and affiliate offices. Their machine shop performs services including gearbox repair, shafting (keyed and plain), welding, and customized machining and millwork.
Al Dressing, President of Missouri Power Transmission, said, "We are incredibly excited about the potential this creates for our people, and believe that our future is bright and the opportunities are endless."
"We are very pleased about the addition of this well-established company, which will bolster our power transmission sales and services in the Midwest and beyond," said Kevin Storer, Motion's Senior Vice President of U.S. Operations.
Tim Breen, Motion's President and CEO, added, "We welcome all Missouri Power Transmission employees to the Motion family, and we look forward to the contributions they will make to our Company in upcoming years."
With annual sales of $4.6 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.
Visit our website at www.motionindustries.com. Contact us toll-free at (800) 526-9328.
Media Contact:
Randy Breaux – Motion Industries (205) 956-1122
