LKQ completes $811 million acquisition of Keystone Automotive

By Lisa Kerner

Charlotte, N.C., Oct. 15 - LKQ Corp. said it acquired Keystone Automotive Industries, Inc. as planned on Friday.

Keystone is now a wholly owned subsidiary of LKQ, according to a company news release.

Ronald Foster, the former chairman of the board of Keystone, and Rick Keister, the company's former president and chief executive officer, were appointed to LKQ's board of directors.

"This merger creates an alternative replacement parts business with over $1.6 billion of trailing annual revenue," LKQ president and CEO Joseph Holsten said in the release.

"We now have an expanded national network of nearly 300 facilities that allow us to offer readily available, high quality recycled, refurbished and aftermarket collision repair parts to our customers," Holsten added.

It was previously reported that Keystone shareholders approved the $811 million merger on Oct. 10. Keystone's stockholders will receive $48 in cash, without interest, per common share owned.

Keystone, based in Pomona, Calif., distributes automotive body parts, bumpers and remanufactured alloy wheels to collision repair shops.

Chicago-based LKQ provides recycled light vehicle original equipment manufacturer products and aftermarket collision replacement products.

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