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Genuine Parts Company Declares Regular Quarterly Dividend

16 August 1999

Genuine Parts Company Declares Regular Quarterly Dividend and Announces Proposed Acquisition of NAPA Distributor

    ATLANTA--Aug. 16, 1999--The Board of Directors of Genuine Parts Company today declared a regular quarterly cash dividend of 26 cents per share on the Company's common stock.
    The dividend is payable October 1, 1999 to shareholders of record September 3, 1999.
    Larry Prince, Chairman of the Board and Chief Executive Officer of Genuine Parts Company, announced that "a definitive agreement has been approved by our Board of Directors relating to the acquisition of Brittain Brothers, Inc., a long-standing NAPA distributor with annual sales of approximately $55 million. Brittain Brothers, Inc.'s shareholders have approved the agreement and Genuine Parts Company will purchase for cash and stock all of the issued and outstanding capital stock of Brittain Brothers. Consummation of the transaction is contingent upon compliance with the terms of the agreement and any applicable regulatory requirements. Brittain Brothers is headquartered in Oklahoma City, Oklahoma, with an additional distribution center in Tulsa, Oklahoma. The Company serves approximately 178 independently owned NAPA AUTO PARTS stores and 14 company owned stores located in Oklahoma, Missouri, Arkansas and Texas."
    Mr. Prince stated: "We believe the acquisition of Brittain Brothers offers us excellent growth opportunities in their markets. We are pleased that we were able to reach this agreement with such a quality organization and look forward to the contributions they will make to our Company."
    Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada and Mexico. The Company also distributes industrial replacement parts in the U.S., Canada and Mexico through its Motion Industries subsidiary. S. P. Richards Company, the Office Products Group, distributes product nationwide in the U.S. and in Western Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S. and Mexico. Genuine Parts Company had 1998 revenues of $6.6 billion and net income of $355.8 million.
    Various statements in this release may constitute forward-looking statements. Actual results may differ materially from those indicated as a result of various important factors, which are discussed in Genuine Parts Company's most recent Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission.