LKQ Corporation Completes Divestiture of AeroVision International
August 19 2019 - 12:44PM
LKQ Corporation (Nasdaq: LKQ) today announced it has divested its
recycled aviation parts business, AeroVision International,
effective August 18, 2019.
Dominick Zarcone, President and Chief Executive
Officer of LKQ Corporation, stated, "The evaluation and
rationalization of our asset base is a core strategic pillar for
our Company. As part of this ongoing process, and after thorough
consideration, we determined that AeroVision didn’t align with our
long-term strategy and objectives. It generated approximately just
1% of our North America segment revenue and was neither material to
nor integrated with our other operations."
On April 25, 2019 the Company announced that it
identified several businesses that it intends to sell over the
course of the next year. These assets are held on the balance sheet
as net assets held for sale. The AeroVision transaction represents
the first divestiture of net assets held for sale, and with the
disposal of these small, non-core businesses, the Company intends
to simplify its operating model and improve margins.
Terms of the transaction were not disclosed.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a
leading provider of alternative and specialty parts to repair and
accessorize automobiles and other vehicles. LKQ has
operations in North America, Europe and Taiwan. LKQ
offers its customers a broad range of replacement systems,
components, equipment and parts to repair and accessorize
automobiles, trucks, and recreational and performance vehicles.
Contact:
Joseph P. BoutrossLKQ CorporationVice President,
Investor Relations (312) 621-2793jpboutross@lkqcorp.com
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