Genuine Parts Company (NYSE: GPC) announced that its Industrial Parts Group, Motion Industries, has acquired Drago Supply Company, a regional industrial supplies distributor headquartered in Port Arthur, Texas. Drago Supply was founded in 1931 and currently has eight locations in Texas, Arkansas and Louisiana. The Company expects the purchase to generate annual revenues of approximately $75 million.
Joseph P. Drago, President and Chief Executive Officer of Drago Supply Company said that “the management of Drago Supply is excited about this change and the tremendous opportunities it presents for the continued growth and expansion of the company on a regional, national and global level”. Drago went on to say that as part of Motion Industries, Drago Supply Associates will have the opportunity to grow their professional careers within a large and diversified company that can offer better opportunities for advancement within that organization.
Thomas C. Gallagher, Chairman, President and Chief Executive Officer of Genuine Parts Company, stated, “The acquisition of Drago allows Motion Industries to continue its expansion in the industrial supplies market, an area where we see significant growth opportunities. Drago is a well-established company with an excellent reputation among their industrial and commercial customer base throughout the south central United States. Together, Motion Industries and Drago are positioned to become a leading provider of industrial supplies across the United States.” Genuine Parts Company had 2007 revenues of $10.8 billion.
Local News
September 5, 2008
Drago acquired by Genuine Parts Company
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