POMONA, Calif., Jan. 3, 2002 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that it has acquired substantially all of the assets of I.W.C. International Inc., a distributor of aftermarket wheel covers based in Tampa, Florida. I.W.C. has annualized revenues of approximately $7.0 million. Terms of the transaction were not disclosed.
Additionally, the company announced it would open a new distribution facility in Tulsa, Oklahoma later this month. It anticipates opening another new distribution facility in Portland, Oregon during the fourth quarter of fiscal 2002 and is also exploring the viability of establishing a greenfield operation in Raleigh, North Carolina.
"The acquisition of I.W.C. and our expansion plans reflect the renewed strength of the aftermarket business environment. We look forward to additional opportunities to leverage Keystone's growing distribution network and reputation within the automotive industry," said Charles J. Hogarty, president and chief executive officer of Keystone.
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 113 distribution facilities, of which 21 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 than 19,000 stock keeping units that are sold to more than 25,000 repair shops throughout the nation.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting the company will be those anticipated by the company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors, including but not limited to the impact on the company (i) as a result of the termination of the installation of a new comprehensive enterprise software package, the special charge related thereto and the cost and time involved, in implementing a new management information system; (ii) from the continuing impact of the verdict in the State Farm Mutual Automobile Insurance Company class action, which is on appeal and the possibility of another negative verdict which could adversely impact the market for the company's products; (iii) from the application of SFAS No. 142; (iv) and the risks inherent in acquiring other businesses. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the ongoing risks and uncertainties of the company's business, see the Company's Form 10-Q for the quarter ended September 28, 2001 on file with the Securities and Exchange Commission.