Genuine Parts announces global restructuring, voluntary retirement offer

The company is introducing a global restructuring designed to better align the company’s assets and further improve the efficiency of the business. This initiative includes an announced voluntary retirement offer in the U.S., along with a rationalization and optimization of certain distribution centers, stores and other facilities. GPC expects to incur costs of approximately $100M to $200M related to the restructuring efforts in 2024 and will report these costs as a non-recurring expense. Through these efforts, the company expects to realize approximately $20M to $40M of savings in 2024, and approximately $45M to $90M on an annualized basis. “We continuously pursue initiatives to simplify and streamline our business, enhance our service proposition and align with the market environments. Our coordinated global restructuring program is designed to improve service for customers and create value for our shareholders. We are focused on what we can control and will execute with discipline to deliver on our long-term financial targets,” Stengel concluded.