Raleigh's General Parts International Sold To Advance Auto
A Virginia auto parts company is buying North Carolina-based General Parts International for more than $2 billion.
Advance Auto Parts says its acquisition will create the largest automotive replacement parts provider in North America. GPI is based in Raleigh and operates under the CARQUEST and Worldpac brand names.
Advance spokeswoman Shelly Whitaker says the companies have not yet decided how the move will affect GPI's 500 workers in Raleigh.
"It's business as usual for the immediate future," she says.
"After the completion of the transaction, Advance and GPI are going to work together to develop a transition plan to bring the best of both companies together. We will continue to have a presence in Raleigh, N.C., going forward."
The deal still needs regulatory approval, but Whitaker says it's expected to clear by early next year. Advance Auto says it's expecting $1.5 billion in revenue for the third quarter.