Genuine Parts Company Announces Completion of Acquisition

Business Wire, Oct 13, 1997

ATLANTA--(BUSINESS WIRE)--Oct. 13, 1997--Larry Prince, Chairman of the Board and Chief Executive Officer of Genuine Parts Company, announced that "a definitive agreement relating to the acquisition of Utah Bearing and Fabrication, Inc. ("Utah Bearing") and Colorado Bearing and Supply, Inc. ("Colorado Bearing") has been reached."

Genuine Parts Company issued stock in exchange for substantially all of the assets of Utah Bearing and Colorado Bearing, distributors of bearings and mechanical, electrical and fluid power components. Utah Bearing is headquartered in Salt Lake City, Utah and has 14 locations in Utah, New Mexico, Wyoming, Idaho and Oregon. Colorado Bearing has one location in Denver, Colorado.

Prince stated: "We are pleased to be able to acquire these fine companies and add this new geographic expansion in areas where we presently have minimal market penetration. The operations of these companies will be added into Motion Industries, Inc., headquartered in Birmingham, Alabama, and will become part of our Industrial Parts Group. This Group is the nation's largest industrial replacement parts distributor with 1996 revenues of $1.7 billion."

Prince further commented: "In addition to geographic expansion, Utah Bearing and Colorado Bearing offer access to an existing customer base as well as certain national accounts. These fine organizations had sales of $34.3 million in 1996 and provide us with experienced personnel in sales and operations."

Genuine Parts Company, with 1996 sales of $5.7 billion, is a distributor of automotive replacement parts, industrial replacement parts and office products from operations in the United States, Canada and Mexico.

CONTACT: Genuine Parts Company, Atlanta

Jerry W. Nix/George W. Kalafut, (770) 953-1700