CHICAGO, May 31, 2018 -- LKQ Corporation (Nasdaq:LKQ) today announced the closing of its acquisition of STAHLGRUBER GmbH (“STAHLGRUBER”) from STAHLGRUBER Otto Gruber AG.
“We are very excited to bring STAHLGRUBER into the LKQ family. This transaction demonstrates our ongoing commitment to expand our European footprint. With an impressive track record of growth and an industry leading management team, STAHLGRUBER clearly fits our strategic and acquisition criteria. We believe that STAHLGRUBER’s leading market position in Germany, unparalleled distribution network and unique value proposition will play a pivotal role in our efforts to grow LKQ’s business in Europe,” stated Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation.
John S. Quinn, Chief Executive Officer and Managing Director of LKQ Europe, commented: “I am delighted to welcome the STAHLGRUBER employees to LKQ. Combining the leading player in Germany with LKQ is a huge step towards our goal of creating a Pan-European auto parts distributor. We are confident that the combination will create significant benefits for our customers, employees and stockholders.”
Heinz Reiner Reiff, Chief Executive Officer of STAHLGRUBER Otto Gruber AG, commented: “With this transaction STAHLGRUBER Otto Gruber AG has implemented its first major step to diversify its portfolio. We believe the merger of STAHLGRUBER’s businesses with LKQ provides a long term secure home for the businesses and our employees, which will benefit our many constituents.”
Heinz Rieker, Chief Sales Officer of STAHLGRUBER GmbH, stated: “STAHLGRUBER is excited to join the LKQ family and leverage the benefits of being part of the leading company in our industry in Europe. STAHLGRUBER will immediately partner with LKQ’s existing operations to provide our customers and suppliers opportunities to improve our business relationships. With LKQ’s backing, we look forward to continuing our growth strategy in Germany and Eastern Europe by integrating the best practices from both STAHLGRUBER and LKQ to create a stronger company for all our constituents.”
On May 4, 2018, the European Commission cleared the transaction, with the exception of the wholesale business of STAHLGRUBER in the Czech Republic, which was referred for review to the Czech Competition Authority. Accordingly, the business of STAHLGRUBER in the Czech Republic will be temporarily retained by the seller. LKQ will acquire these operations subject to the approval of the Czech Republic’s Competition Authority.