UPDATE: Genuine Parts Company Announces Proposed Acquisition of NAPA Distributor

Genuine Parts Company GPC announced today that it has entered into a definitive merger agreement to acquire Quaker City Motor Parts Co., a long-standing NAPA distributor. Genuine Parts Company will purchase for cash all of the issued and outstanding common stock of QCMP. Consummation of the merger transaction is expected on or around May 1, 2012, and is contingent upon satisfaction of customary closing conditions and receipt of applicable regulatory approvals. The Company expects the acquired business to generate annual revenues of approximately $300 million.