LKQ Corporation Acquires Green Bean Battery

Rhea-AI Summary

LKQ Corporation (Nasdaq: LKQ) has acquired Green Bean Battery, LLC, a hybrid battery reconditioner and installer, expanding its alternative parts offerings. Green Bean, founded in 2016, utilizes a proprietary process that extends the life of hybrid batteries while enhancing reliability. With operations in eight trading zones across the U.S., Green Bean reconditions batteries for major hybrid vehicles including those from Toyota and Honda. This acquisition aligns with LKQ's commitment to adapt to technological changes in the auto industry, bolstering its powertrain remanufacturing capabilities.

Positive

• Acquisition of Green Bean enhances LKQ's service offerings in the hybrid battery market.
• Proprietary battery reconditioning technology could lead to increased revenue opportunities.
• Expansion into sustainable battery solutions aligns with LKQ's mission and market trends.

Negative

• None.

CHICAGO, May 25, 2021 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ), a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles, today announced that it has acquired the business and assets of Green Bean Battery, LLC (“Green Bean”). Founded in 2016, Green Bean is a hybrid battery reconditioner and installer, which has developed a proprietary hybrid battery reconditioning process that creates a more reliable battery while simultaneously extending its useful life. Green Bean acquires hybrid battery cores from multiple sources, including LKQ, and reconditions them at its state-of-the-art facilities across eight trading zones located throughout the United States. As a full-service provider, Green Bean installs its reconditioned batteries at its customers’ preferred locations in each of these trading zones where LKQ operates today. Green Bean currently reconditions batteries for hybrid vehicles manufactured by Toyota, Honda, General Motors, Lexus, and Nissan.

Justin Jude, President of North America Wholesale Operations of LKQ, stated, “This acquisition reinforces our ongoing commitment to expand our parts and services offerings to meet the demands and opportunities that arise from technological changes in the automobile industry. Battery reconditioning represents a natural extension of our current powertrain remanufacturing operations. In addition, Green Bean’s entrepreneurial history, proprietary technology and sustainably-focused products fit well with LKQ’s mission and culture, and we are proud to have them join our North American team.”

Terms of the transaction were not disclosed.

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 has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OE recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.

Contact:

Joseph P. Boutross
Vice President, Investor Relations
LKQ Corporation
(312) 621-2793
jpboutross@lkqcorp.com

FAQ

What is the significance of LKQ acquiring Green Bean Battery?

The acquisition allows LKQ to enhance its alternative parts offerings and enter the hybrid battery reconditioning market.

When was the acquisition of Green Bean Battery announced?

The acquisition was announced on May 25, 2021.

What types of vehicles does Green Bean Battery service?

Green Bean Battery reconditions batteries for hybrid vehicles from manufacturers like Toyota, Honda, GM, Lexus, and Nissan.

How does Green Bean's technology benefit LKQ?

Green Bean’s proprietary reconditioning process enhances battery reliability and lifespan, complementing LKQ's existing powertrain operations.

Did LKQ disclose the terms of the Green Bean acquisition?

No, the terms of the transaction were not disclosed.