Motion Industries Announces Agreement to Acquire Apache Inc.
Apache is one of the largest belting companies in North America and is widely recognized for the variety and quality of their hose, belting, custom fabrications and on-site belting services.
Oct. 21, 2017 - Motion Industries announced that it has entered into a definitive agreement to acquire Apache, Inc., headquartered in Cedar Rapids, Iowa. Execution of the transaction will occur on November 1, 2017.
Financial terms of the deal were not disclosed.
Founded in 1963, Apache offers over 50 years of experience in the industrial hose and belting business. Apache has grown to one of the largest belting companies in North America and is widely recognized across the country for the variety and quality of their hose, belting, custom fabrications, on-site belting services, and consumer products. Apache serves both the industrial and agricultural market from seven sales and production locations in the US through an established distribution network and will continue to do so going forward.
“We are very pleased with the addition of Apache. This is a well-established company with an outstanding reputation,” said Tim Breen, President and CEO of Motion Industries. “The acquisition of Apache continues to build upon and complement our growth strategy in the area of hose, belting and material handling.
“Apache will be operated as part of Motion's belting group which includes several other acquisitions made over the past few years,” Breen added.
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. The company is a wholly owned subsidiary of Genuine Parts Company. To learn more, please visit: www.MotionIndustries.com.
SOURCE: Motion Industries, Inc.