An American listed firm is now the sole owner of Repco, paying a total of $US800 million for the the Australasian car parts provider.
Genuine Parts Company bought 30% of Repco’s parent, Melbourne-based Exego, in January last year and has now purchased the remaining shares.
Exego’s annual revenue is about $1.1 billion and it has more than 430 stores in Australia and New Zealand, including Repco Australia, Repco New Zealand, Ashdown-Ingram, McLeod Accessories and Motospecs.
Exego spokesman Cary Laverty says the group’s 4000 employees spread across 430 retail locations in Australia and New Zealand would notice no differences despite the change in ownership.
New Zealand executive general manager Mark Brunton says Genuine Parts’ involvement since last year has already resulted in higher sales through having access to a greater number of suppliers.
Genuine Parts sales rose 4.5% to $13 billion last year and its profit rose 15% percent to $648 million.
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