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LKQ Corporation to Acquire Automotive Paint Distribution Business From AkzoNobel
CHICAGO, May 17, 2011 (GlobeNewswire via COMTEX) --
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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: LKQ Corporation
CONTACT: Joseph P. Boutross
Director, Investor Relations