The LKQ Corporation, a Chicago-based auto parts recycler, has signed an agreement to acquire Pick-Your-Part Auto Wrecking, an auto recycler with nine recycling locations in Calfornia that reported $114.1 million of revenue in the twelve moths ending Dec. 31, 2007.Pick-Your-Part Auto Wrecking has five recycled parts facilities in the Greater Los Angeles area, two in the
"This acquisition will provide us with a new market entry into the California retail oriented recycled parts market and additional capacity to grow our Southern California wholesale recycling business," says Joe Holsten, president and chief executive officer.
The purchase price for all of the outstanding voting and non-voting stock of Pick-Your-Part is expected to be $72.9 million, subject to adjustments related to working capital at closing, with the majority of the price allocated to the non-voting stock.
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