September 15, 2010
Seacoast Electric acquired by EIS
EIS Inc. a wholly-owned subsidiary of Genuine Parts Company (NYSE: GPC), has acquired the assets of Seacoast Electric Company Inc. effective August 31, 2010.
Seacoast is headquartered in Hawthorne, New York, and has distribution locations in Virginia, Texas and California, which serve the marine and oil and gas markets with shipboard and offshore cables and electrical equipment.
Bob Thomas, President and CEO of EIS, stated, "This acquisition is consistent with our strategy to grow our current wire and cable business into targeted adjacent markets. Seacoast will operate as a separate division of EIS and continue operations with all existing customers and suppliers from their current facilities. We are pleased to welcome the Seacoast team to the EIS and Genuine Parts Company family."
Michael Worfolk, Chairman and CEO of Seacoast, commented," I am delighted that Seacoast will be able to continue its long tradition of servicing the shipboard and oil and gas markets in partnership with EIS. The management and financial resources of EIS and Genuine Parts Company, together with their focus on customer service will provide Seacoast with much enhanced capabilities to service our customers and suppliers and in turn give both company and employees improved opportunities for growth."