LKQ Corporation to Acquire Automotive Paint Distribution Business From AkzoNobel

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.