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CHICAGO, Oct. 01, 2019 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today announced it has merged its subsidiary Auto Kelly Bulgaria EOOD with Elit Kar OOD, creating one of Bulgaria's leading distributors of automotive spare parts. LKQ now owns a 20% equity interest in the combined business, which will continue to operate under both the Elit Car Group and Auto Kelly brand names. In addition, the combined business will acquire parts from LKQ's aftermarket supply chain.
Dominick Zarcone, President and Chief Executive Officer of LKQ, stated, “The rationalization of our European asset base and divestiture of non-core businesses is one of the many initiatives that will help improve the EBITDA margins of LKQ Europe. We believe the Auto Kelly Bulgaria business will perform strongly under the leadership of Elit Kar, and we look forward to a successful partnership, as both an equity holder and supplier.”
On April 25, 2019 the Company announced that it had identified several businesses that it intended to sell over the course of the next year. These assets are held on the balance sheet as net assets held for sale, and with the disposal of these small, non-core businesses, the Company is attempting 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.
About LKQ Europe
LKQ Europe, 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, Fource Group, Rhiag Group, Elit, AutoKelly, Stahlgruber Group, as well as recycling specialist, Atracco. LKQ also holds a minority interest in Mekonomen.
|Investor Relations Contact:||Media Contact:|
|Joseph P. Boutross||Guido Weber|
|LKQ Corporation||LKQ Europe|
|Vice President, Investor Relations||Director Corporate Communications|