Motion Industries buys BC Bearing Engineers
Burnaby, BC -- Another great Canadian company has sold out to US ownership. Genuine Parts Company reports that...
Burnaby, BC — Another great Canadian company has sold out to US ownership. Genuine Parts Company reports that its Industrial Parts Group, Motion Industries, Birmingham, AL, has entered into a definitive agreement to acquire substantially all of the North American assets of BC Bearing (BC Bearing, US Bearings and Norcan), headquartered in Burnaby, BC.
BC Bearing is a long-established family-owned bearing and power transmission distributor operating 53 branches throughout western Canada and the north-western US. Subject to regulatory approval, the company expects the purchase to close on or around March 1, 2010, and generate annual revenues of approximately C$185 million.
“The acquisition of BC Bearing allows Motion Industries to continue its expansion in Canada and the north-western US, where we see significant growth opportunities,” said Bill Stevens, president and CEO of Motion Industries.
“BC Bearing is a highly regarded company with a strong management team and an excellent reputation among [its] commercial customer base. We believe the superior product offering and service capabilities created by the combined operations of Motion Industries and BC Bearing will serve to benefit these customers, as well as the entire marketplace.”