Motion Enters Definitive Agreement to Purchase Two Fluid Power Companies
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Motion Industries, a wholly owned subsidiary of Genuine Parts Company (GPC), signed a definitive purchase agreement to acquire the operating assets of Perfetto Manufacturing and SER Hydraulics.
Financial terms of the transaction were not disclosed.
The affiliated organizations are well-established, with Perfetto in business since 1986 and SER Hydraulics since 1978. Located in Sudbury, Canada, each has grown to provide engineered solutions, service and equipment for hydraulic/pneumatic cylinders, complex power units and other assets used in fluid power systems throughout the area, which is central to the mining, agricultural and forestry industries. The dual acquisition will expand and improve Motion's services to these and other heavy-industry customers.
"After more than 30 successful years in business, we want to thank our loyal customers and employees for contributing to our success," said Gerald Perfetto Sr., Owner. "The Motion team is committed to continued investment in the business, which will bring great opportunities for our customers, employees, and the communities in which we work and live."
Randy Breaux, President of GPC North America, said, "We look forward to welcoming these two terrific organizations, especially the talented employees. These world-class experts will be key to our market growth strategy, and we look forward to extending our position together as a premier leader in industrial solutions."
The transcation, which is subject to customary closing conditions, is expected to be finalized at the end of February.
