Motion Industries Announces Agreement To Acquire Colmar Belting Company
Resource from: Motion Industries Likes:294
May 04,2016
Birmingham, Ala. - Effective today, Motion Industries, Inc., a wholly owned subsidiary of Genuine Parts Company (NYSE: GPC), has entered into a definitive agreement to acquire Colmar Belting Company. The closing of the transaction is expected to occur May 1, 2016.
Colmar Belting Company is a regional distributor focused primarily on power transmission and belting sales and service based in South Boston, Massachusetts. Their offerings include material handling related products such as conveyor belting, idlers and pulleys, as well as a wide spectrum of custom belt services such as slitting, fastening, and vulcanizing.
In business since 1933, Colmar serves the needs of numerous industries including aggregate, manufacturing, food processing, HVAC and recycling.
Michelle and Rob Labossiere, owners of Colmar Belting, said, "Throughout the growth of the company, Colmar has continually diversified to meet the challenges of this rapidly changing industry. Joining the Motion Industries team allows Colmar to continue to provide outstanding service to our customers, while providing excellent opportunities for our employees. We are excited to be part of Motion Industries." Colmar Belting will continue operations under its existing management team in all locations.
"Growth is the key driver behind this transaction, and the complement of Colmar's belting and power transmission expertise places us in an even stronger competitive position in the Northeast," said Tony Cefalu, Motion's Senior Vice President of Shops and Services.
Tim Breen, Motion's President and CEO, added, "We welcome all Colmar Belting Company employees to the Motion family and look forward to working together to provide even better service to our customers across the industry."
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.
(Motion Industries)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
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