Motion Industries, a subsidiary of Atlanta-based Genuine Parts Co., announced Thursday it has entered into an agreement to acquire Cedar Rapids-based Apache Inc. in November.
The financial details of the deal were not disclosed.
Apache President and CEO Tom Pientok said the acquisition is “the next chapter in the journey for our company.”
“We look to significantly grow employment in this city,” Pientok told The Gazette.
Apache manufactures industrial hoses and belts. The company has about 150 employees in Cedar Rapids and more than 300 nationwide, Pientok said.
No job cuts are planned at the time of the acquisition and Apache’s leadership team and name will remain in place, he said.
“When you drive by here tomorrow and next month Apache will still be Apache,” Pientok said.
Motion Industries CEO and President Tim Breen said Apache will operate under Motion’s belting group.
Founded in 1963, Apache is an employee-owned company. Pientok said Apache’s employee stock ownership plan will be dissolved once the acquisition is complete.
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The company broke ground on a now-complete 90,000-square-foot expansion in May 2015 at its headquarters, 4805 Bowling St. SW.
In addition to Cedar Rapids, Apache has locations in Des Moines; Cincinnati; Dallas; Portland and Hillsboro, Ore.; and St. Louis.
Genuine Parts is a distributor of automotive and industrial parts, office products and electrical materials. Its subsidiaries include Motion Industries, NAPA Auto Parts and S.P. Richards Co.
GPC had about 40,000 employees at the end of 2016. It reported net sales of $15.3 billion and a profit of $687 million for 2016.
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