Genuine Parts Company, Atlanta, GA, has entered into a strategic agreement in the Australasian market with Inenco Group, an industrial distributor in Australia and New Zealand. GPC will own 35 percent of Inenco Group for $70 million in cash, with the option to purchase the remaining shares at a later date.

Inenco Group is headquartered in Sydney, Australia, and has 161 locations across Australia and New Zealand, as well as an emerging presence in Asia. The company has annual revenues of $325 million.