LKQ Corporation Agrees to Sell OEM Glass Manufacturing Business to Vitro SAB
19 Diciembre 2016 - 7:00AM
LKQ Corporation (Nasdaq:LKQ) today announced that it has entered
into a definitive agreement to sell the OEM glass manufacturing
business of its Pittsburgh Glass Works subsidiary (“PGW”) to a
subsidiary of Vitro S.A.B. de C.V. (BMV:VITROA), a leading glass
manufacturer based in Mexico. The sale price is $310 million,
subject to potential post-closing purchase price adjustments.
As part of the transaction, LKQ and Vitro
entered into a multi-year supply agreement pursuant to which LKQ’s
ongoing aftermarket glass distribution business will purchase a
specified amount of its automotive glass from Vitro at specified
prices.
The transaction is expected to be completed in
the first quarter of 2017 and is subject to customary closing
conditions and necessary regulatory approvals.
“We are very pleased with this transaction and
look forward to a seamless transition for our OEM glass customers
and employees. PGW’s industry leading OEM business fits well with
Vitro’s long-term growth strategy within the automotive glass
manufacturing industry, and this divestiture allows LKQ to focus on
our aftermarket glass distribution operations and the synergies
that exist with our core North American auto parts distribution
business,” stated Robert L. Wagman, President and Chief Executive
Officer of LKQ Corporation.
LKQ will report the financial information for
the OEM glass manufacturing business as discontinued operations in
its fourth quarter and full year 2016 financial statements, which
will be released in late February 2017 and discussed during LKQ’s
fourth quarter earnings call.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading
provider of alternative and specialty parts to repair and
accessorize automobiles and other vehicles. LKQ is also a
leader in the design, production and supply of automotive glass to
OEMs. LKQ has operations in North America, Europe, China and
Taiwan. LKQ offers its customers a broad range of replacement
systems, components, equipment and parts to repair and accessorize
automobiles, trucks, and recreational and performance vehicles.
About Vitro SAB
Vitro, S.A.B. de C.V. (www.vitro.com) is the
leading glass manufacturer in Mexico and one of the world’s major
companies in its industry, backed by more than 100 years of
experience. Founded in 1909 in Monterrey, Mexico, the Company has
subsidiaries in the Americas, offering quality products and
reliable services to meet the needs of two businesses: glass
containers and flat glass. Companies of Vitro produce, process,
distribute, and market a wide range of glass articles, which are
part of the daily life of thousands of people. Vitro offers
solutions for multiple markets, including cosmetic, pharmaceutical
and toiletries, as well as architectural and automotive. The
Company is also a supplier of chemical products and raw material,
machinery, molds and equipment for industrial use.
Forward Looking Statements
Statements and information in this press release
that are not historical are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
are made pursuant to the “safe harbor” provisions of such Act.
Forward-looking statements include, but are not limited to,
statements regarding our outlook, guidance, expectations, beliefs,
hopes, intentions and strategies. These statements are subject
to a number of risks, uncertainties, assumptions and other factors
that may cause our actual results, performance or achievements to
be materially different. All forward-looking statements are based
on information available to us at the time the statements are
made. We undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law. You should not place undue
reliance on our forward-looking statements. Actual events or
results may differ materially from those expressed or implied in
the forward-looking statements. The risks, uncertainties,
assumptions and other factors that could cause actual results to
differ from the results predicted or implied by our forward-looking
statements include the factors discussed in our filings with the
SEC (which are available on our investor relations website at
lkqcorp.com and on the SEC website at sec.gov), including those
disclosed under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our Annual Report on Form 10-K for the year ended
December 31, 2015 and in our subsequent Quarterly Reports on Form
10-Q, as well as the following factor:
- the receipt of regulatory approvals for the transaction and the
successful fulfillment or waiver of all other closing conditions
without unexpected delays or conditions.
Joseph P. Boutross-LKQ Corporation
Director, Investor Relations
jpboutross@lkqcorp.com
(312) 621-2793