Release time : 2015-06-15 11:51:05
Genuine Parts Co., which makes automotive replacement parts, said Monday it is acquiring a Canadian manufacturer of bearings and power transmission components.
BC Bearing, based in Vancouver, operates 53 branches in Western Canada and the Northwestern U.S., where Genuine parts said it sees "significant growth opportunities."
Genuine Parts did not disclose the purchase price, but said it expects the acquisition to generate 185 million Canadian dollars ($173.4 million) in annual revenue.
The acquisition is expected to close March 1, Genuine Parts said.
Shares of Genuine Parts rose 24 cents to $38.22 in midday trading.