POMONA, Calif., Feb. 29, 2000 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that it has signed an agreement with LKQ Corporation to be its exclusive supplier of remanufactured OEM alloy wheels and the exclusive buyer of LKQ's damaged wheel cores.
Keystone's president and chief executive officer, Charles J. Hogarty, said, "We are pleased to have been selected by LKQ as its supplier of remanufactured wheels and believe the combination of Keystone's nine regionally located wheel plants with LKQ's 50 parts distribution facilities will create excellent opportunities for both companies."
Joseph M. Holsten, chief executive officer of Chicago-based LKQ Corporation, said, "Our agreement enhances the value of our growing OEM auto parts recovery business and our ability to meet our customers' needs because Keystone's facilities match up well with our national distribution network. Our relationship recognizes both LKQ's leadership and reach in parts recycling and Keystone's remanufacturing skill in strengthening our ability to provide high-quality OEM parts to our customers."
LKQ Corporation is America's largest recycler of automobile parts. LKQ operates a national network of 50 auto recycling and parts distribution facilities that serve customers across the entire United States and expects calendar year 2000 revenues to exceed $250 million. The company serves the collision and mechanical repair industries by providing recycled OEM parts at substantial savings to new OEM parts.
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 118 distribution facilities, of which 22 serve as regional hubs. Its product lines consist of automotive body parts, bumpers, auto glass and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more that 22,000 stock keeping units that are sold to more than 25,000 repair shops throughout the nation.