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CHICAGO, Aug. 19, 2019 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today announced it has divested its recycled aviation parts business, AeroVision International, effective August 18, 2019.
Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation, stated, "The evaluation and rationalization of our asset base is a core strategic pillar for our Company. As part of this ongoing process, and after thorough consideration, we determined that AeroVision didn’t align with our long-term strategy and objectives. It generated approximately just 1% of our North America segment revenue and was neither material to nor integrated with our other operations."
On April 25, 2019 the Company announced that it identified several businesses that it intends to sell over the course of the next year. These assets are held on the balance sheet as net assets held for sale. The AeroVision transaction represents the first divestiture of net assets held for sale, and with the disposal of these small, non-core businesses, the Company intends to simplify its operating model and improve margins.
Terms of the transaction were not disclosed.
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.
Joseph P. Boutross
Vice President, Investor Relations