Genuine Parts Company’s (GPC - Free Report) wholly-owned automotive distribution company Alliance Automotive Group (“AAG”) has closed the acquisition of German Hennig Fahrzeugteile Group. Based in Atlanta, GA, Genuine Parts expects the acquired business to generate annual revenues of around $190 million.
Genuine Parts is engaged in the distribution of automotive and industrial replacement parts, office products, and electrical/electronic materials in the United States, Canada and Mexico.
Headquartered in Essen, North Rhine-Westphalia, Hennig Fahrzeugteile Group is a leading supplier of vehicle parts in Germany. With 31 branches across Germany, the company caters to more than 9,000 customers, primarily independent workshops and retailers. The acquisition of Hennig Fahrzeugteile Group by London, U.K.-based AAG is likely to bolster its presence and scale in Germany.
Notably, Genuine Parts frequently makes investments and undertakes acquisitions for both industrial & automotive segments to improve product offerings and expand the geographical footprint. In October 2018, AAG completed the acquisition of two automotive businesses in the U. K.
Genuine Parts has outperformed the industry it belongs to in the past six months. The company’s shares have gained 1.8% against 8.6% decrease recorded by the industry.
Genuine Parts currently carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the auto space are General Motors Company (GM - Free Report) , Advance Auto Parts, Inc. (AAP - Free Report) and Fox Factory Holding Corp. (FOXF - Free Report) . While General Motors currently sports a Zacks Rank #1 (Strong Buy), Advance Auto Parts and Fox Factory carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
General Motors has an expected long-term growth rate of 8.5%. Over the past three months, shares of the company have gained 6.7%.
Advance Auto Parts has an expected long-term growth rate of 12.1%. Over the past year, shares of the company have increased 44.7%.
Fox Factory has an expected long-term growth rate of 17.9%. Over the past year, shares of the company have risen 65.5%.
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