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Technology Stocks : LKQ Corporation (LKQX)

LKQ 30.26

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From: JakeStraw	8/18/2008 8:18:17 AM
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LKQ Corporation to Acquire Multi-Location California Recycled Parts Business biz.yahoo.com Monday August 18, 6:00 am ET CHICAGO, Aug. 18 /PRNewswire-FirstCall/ -- LKQ Corporation (Nasdaq: LKQX) today announced the signing of an agreement to acquire Pick-Your-Part Auto Wrecking, an auto recycler with nine recycling locations in California that generated approximately $114.1 million of revenue in the twelve months ended December 31, 2007. The acquisition is subject to customary closing conditions. "This acquisition will provide us with a new market entry into the California retail oriented recycled parts market and additional capacity to grow our Southern California wholesale recycling business," said Joe Holsten, President and Chief Executive Officer. "During our evaluation of Pick-Your-Part, we were very impressed by its operations and employees, and are excited to have this opportunity to add them to LKQ Corporation's business." Pick-Your-Part Auto Wrecking has five retail oriented recycled parts facilities in the Greater Los Angeles area (one of which also operates a wholesale business), two in the San Francisco Bay area, one in the Bakersfield area and one in the Greater San Diego area. The nine locations operate on approximately 174 total combined acres of property. After the closing of the transaction, five of the locations will be leased from entities controlled by the current owners of Pick-Your-Part. Members of Pick-Your-Part's current management team plan to remain with Pick-Your-Part under LKQ's ownership.

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