LKQ Corp (LKQX) Announces Acquisitions

LKQ announced yesterday that it has acquired businesses since the beginning of the first quarter. The companies primarily deal in remanufacturing or aftermarket parts, and include: Cross Canada, a Canadian aftermarket parts distributor with operations in 5 provinces; PROformance Powertrain, an engine remanufacturer out of Springfield, MO; SPI Distribution, an aftermarket parts distributor; Best Bumper, a Texas bumper remanufacturer, an automotive recycler in Virginia and a self-service recycling company in Colorado.

In a press release,  Joseph Holsten, President and Chief Executive Officer of LKQ Corporation, commented on the acquisitions:

“The transactions we announced today support our strategic priorities. Combining the Canadian acquisitions with our existing operations in Canada provides LKQ with a geographic presence in each province from British Columbia to Quebec and forms the foundation for further expansion in Canada. The acquisition of PROFormance integrates with our engine product line, harnessing one of our competitive strengths — access to automotive drive-train equipment eligible to be rebuilt. The other transactions expand LKQ’s presence in related product lines including coolant and heating supplies, increase our bumper reconditioning capacity, and provide distribution points in new and existing markets.”

Leave a Reply

Your email address will not be published. Required fields are marked *