AADCO Automotive Inc., a leading supplier LKQ used auto parts, announced the signing of an agreement to acquire Coreline Auto Parts Ltd. of Milton, Ontario. Coreline Auto Parts is the third largest automotive core and materials broker in Canada. The company is expected to expand AADCO’s distribution network across Canada.
"The Coreline acquisition completes the second leg of our three leg strategy to increase AADCO's revenues to $10 million in 2005 and $16 million in 2006 by pursuing high growth/high margin markets," said Charles Hodgkinson, CEO AADCO Automotive Inc.
The acquisition of Coreline is expected to close April 1.
Coreline is the second acquisition announced by AADCO. This past December AADCO announced the signing of an agreement to acquire Dave's Part Mart of Ottawa, Ontario as the first step in achieving Ontario wide distribution for the sale of its LKQ parts.
Earlier this month AADCO announced the signing of a Letter of Intent for a Master Distribution Agreement with United International Business of Canada, which should see AADCO parts being sold in China by the middle of this year.
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