LKQ Corporation Finalizes Acquisition of AkzoNobel's North American Paint Distribution Business
May 31 2011 - 10:19AM
LKQ Corporation (Nasdaq:LKQX) today announced that it has closed
the acquisition of AkzoNobel Coatings Inc.'s paint distribution
business consisting of 40 locations across the United States.
"Finalizing this acquisition is yet another milestone for our
Company and a validation of LKQ's commitment to enhancing our
customers' experience by offering a broad and diverse product mix
accessible through our vast distribution network," said LKQ's
co-CEO Robert L. Wagman.
In addition to distributing Akzo's paint in these 40 markets and
the other markets in which LKQ currently distributes Akzo's paint,
LKQ will continue to distribute paint for other manufacturers in
the approximately 38 markets in which LKQ currently distributes
paint and related products.
Mr. Wagman continued, "We are excited to have acquired a strong
team of employees who will continue to support the customer base
and we look forward to continuing the growth of our paint
distribution business and becoming the market leader for the auto
collision repair industry's paint related needs."
The acquisition became effective May 27, 2011.
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
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