CHICAGO, May 31, 2011 (GLOBE NEWSWIRE) -- 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