LKQ Corporation to Acquire Automotive Paint Distribution Business From AkzoNobel
May 17 2011 - 2:00AM
LKQ Corporation (Nasdaq:LKQX) today announced that it has entered
into an agreement to acquire AkzoNobel Coatings Inc.'s U.S. paint
distribution business consisting of 40 locations.
The acquisition will further LKQ's ability to supply the
automotive collision industry with a full line of parts and paint
solutions. The acquired locations will supplement LKQ's existing
paint distribution business and provide the company with additional
expertise to assist its customers with their paint needs.
"We have long admired the body shop solutions offered by
AkzoNobel, recognized as a color technology leader and the world's
largest coatings company," said LKQ's co-CEO Robert L. Wagman.
"This transaction reflects LKQ's commitment to being a
one-stop-shop solution to the collision repair industry."
"LKQ Corporation is one of the most recognized and respected
names in the automotive industry," said AkzoNobel Americas General
Manager AB Ghosh. "We are proud to have them as a part of our
growing North American network of distribution partners."
Mr. Wagman continued, "LKQ currently has relationships with
thousands of collision repair shops throughout the United States.
By adding AkzoNobel's portfolio of brands to our product offerings
we believe this transaction, coupled with our experience and
extensive distribution network, offers LKQ an opportunity for
continued growth and market penetration in the paint distribution
business." LKQ will distribute all of AkzoNobel's paint lines
including the Sikkens, Lesonal and U-Tech brands.
The transaction is expected to become effective May
27, 2011 subject to customary closing conditions. Financial details
were not disclosed.
About LKQ Corporation
LKQ Corporation is the largest nationwide provider of
aftermarket and recycled collision replacement parts, refurbished
collision replacement products such as wheels, bumper covers and
lights, and a leading provider of mechanical replacement parts
including remanufactured engines, all in connection with the repair
of automobiles and other vehicles. LKQ operates more than 325
facilities, offering its customers a broad range of replacement
systems, components and parts to repair automobiles and light,
medium and heavy-duty trucks. LKQ's operations include
locations in Canada, Mexico and Central America.
Forward Looking Statements
Certain statements in this press release that are not historical
are forward looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward looking
statements generally include expectations, beliefs, hopes,
intentions or strategies regarding our future. Forward looking
statements are subject to risks, uncertainties and other factors
some of which are not currently known to us. These risks include,
but are not limited to, our ability to integrate and successfully
operate acquired companies and any companies acquired in the future
and the risks associated with these companies. Actual events or
results may differ materially from those expressed or implied in
the forward looking statements as a result of various factors. Some
of such risks, uncertainties and other factors are described in our
Form 10-K for the period ending December 31, 2010, and are
described in other periodic filings with the Securities and
Exchange Commission. We assume no obligation to publicly update any
forward looking statement to reflect events or circumstances
arising after the date, on which it was made, except as required by
law.
CONTACT: Joseph P. Boutross
Director, Investor Relations
(312) 621-2793
LKQ (NASDAQ:LKQX)
Historical Stock Chart
From Jun 2024 to Jul 2024
LKQ (NASDAQ:LKQX)
Historical Stock Chart
From Jul 2023 to Jul 2024