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Genuine Parts Announces Additional 15M Share Repurchase Program

19 April 1999

Genuine Parts Company Announces Additional 15 Million Share Repurchase Program and Regular Quarterly Dividend

    ATLANTA--April 19, 1999--Larry Prince, Chairman of the Board of Genuine Parts Company, announced today the Company may buy up to 15 million shares of its common stock.
    Prince stated: "The Company will continue to make purchases from time to time on the open market or in unsolicited negotiated transactions."
    Genuine Parts Company has approximately 179 million shares of common stock outstanding. Prince said: "The purchased shares may be used for stock options and other corporate purposes."
    The Company's current share repurchase program authorized the repurchase of 15 million shares in August 1994. Through the current date, the Company has purchased 14.1 million shares under this program. Prince concluded: "We are pleased with the progress in the current repurchase program and believe this additional authorization will help to further enhance shareholder value."
    The Board of Directors of Genuine Parts Company also declared a regular quarterly cash dividend of twenty-six cents per share on the Company's common stock.
    The dividend is payable July 1, 1999 to shareholders of record June 4, 1999.
    Genuine Parts Company is a distributor of automotive replacement parts, industrial replacement parts, office products, and electronic and electrical components from operations in the United States, Canada, and Mexico.