LKQ Corporation Completes Sale of Two Czech Distributors
Source: Nasdaq GlobeNewswire / 28 Feb 2020 11:00:29 America/New_York
CHICAGO, Feb. 28, 2020 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today announced that it has closed its previously announced agreement to sell its equity interests in two Czech wholesale automotive parts distributors to Swiss Automotive Group AG. Terms of the transaction were not disclosed.
Dominick Zarcone, President and Chief Executive Officer of LKQ, stated, “This divestiture reinforces our ongoing commitment to rationalizing our European asset base and divestiture of non-core businesses. We are confident that the local management will continue to drive results in the Czech Republic for the SAG Group, and we wish them both continued success in the future.”
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks, and recreational and performance vehicles.
About LKQ Europe
LKQ European Holdings, B.V., a subsidiary of LKQ Corporation, is the leading distributor of automotive aftermarket parts for cars, commercial vans and industrial vehicles in Europe. It currently employs more than 27,000 people in 21 European countries, serving 700,000 customers through its network of 1,100 branches.
The group is represented by Euro Car Parts Limited, Fource Holding B.V., LKQ Italia S.r.l., Elit Group Ltd., Auto Kelly a.s., Stahlgruber GmbH, as well as recycling specialist, Atracco Group AB. LKQ also holds a minority interest in Mekonomen AB.
About SAG Group
With an annual turnover of over CHF 1 billion, the SAG Group is one of the largest providers in the independent automotive spare parts sector in Europe. With a range of over 800,000 catalogue- and 370,000 warehouse items, SAG is the market leader for car and commercial vehicle spare parts in Switzerland, Romania and Serbia, the number three in Austria and with a good market presence in Belgium, Germany, Italy, Portugal, Slovakia, Slovenia, Spain and Hungary. SAG employs over 3,200 people.
Joseph P. Boutross- Vice President, Investor Relations