POMONA, Calif., Dec. 09, 2003 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that it has acquired certain assets of New Orleans-based Sam's Bumper Service. Sam's recorded sales of approximately $1.8 million in 2002. Terms of the transaction were not disclosed.
"The acquisition complements our existing operations in New Orleans and will allow Keystone to expand its product line by adding recycled bumpers in this market," said Charles Hogarty, president and chief executive officer of Keystone.
He added that Keystone would consolidate Sam's operations with its existing operations in New Orleans.
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 124 distribution facilities, of which 22 serve as regional hubs, located in 38 states, Canada and 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.
For a detailed discussion of some of the ongoing risks and uncertainties of the Company's business, see the Company's Form 10-K for the year ended March 28, 2003, and recent Form 10-Qs, on file with the Securities and Exchange Commission.