POMONA, Calif., Jan. 7, 2003 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that it has acquired certain assets of Advance Bumper and Body Parts of Springfield, Missouri. Advance recorded sales of approximately $1.5 million in 2002. Terms of the transaction were not disclosed.
"The acquisition complements our existing Missouri operations and will allow Keystone to expand Advance's product line by adding remanufactured wheels, recycled bumpers and body shop supplies," said Charles Hogarty, president and chief executive officer of Keystone.
He added that Keystone would consolidate Advance's operations with its existing Springfield facilities.
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 114 distribution facilities, of which 21 serve as regional hubs, located in 37 states, Vancouver, Canada and Tijuana, Mexico. Its product lines consist of automotive body parts, bumpers, and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 19,000 stock keeping units that are sold to more than 25,000 repair shops throughout the nation.