LKQ Corporation Executes Agreement to Sell Elit Polska in Poland to MEKO AB

Rhea-AI Summary

LKQ has signed an agreement to sell Elit Polska in Poland to MEKO AB, a leading spare parts distributor in northern Europe. The deal is expected to close in the second half of 2024, pending regulatory approvals. Elit Polska generated $107 million in revenue in 2023.

CHICAGO, May 10, 2024 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today announced that it has entered into a definitive agreement to sell Elit Polska, a Poland-based distributor of automotive parts, consumables and workshop equipment to MEKO AB (“MEKO”). The transaction is expected to be completed during the second half of 2024 and is subject to customary closing conditions and necessary regulatory approvals. Elit Polska’s 2023 revenue was approximately $107 million.

Justin Jude, Executive Vice President and Chief Operating Officer of LKQ, stated, “The evaluation and streamlining of our asset base is a core strategic pillar for our Company. As part of this ongoing process, and after thorough consideration, we have made the strategic decision to divest Elit Polska. We believe the business is complementary to MEKO and will perform strongly under their leadership.”

MEKO is a market-leading spare parts distributor in northern Europe, operating across 8 markets through its Group brands FTZ, Inter-Team, Koivunen, MECA, Mekonomen and Sørensen og Balchen.

As of December 31, 2023, LKQ Corporation owned 26.6% of MEKO AB.

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 OEM 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

When is the sale of Elit Polska expected to be completed?

The sale is expected to be completed in the second half of 2024.

What was the revenue of Elit Polska in 2023?

Elit Polska generated approximately $107 million in revenue in 2023.

Who is acquiring Elit Polska?

MEKO AB, a spare parts distributor in northern Europe, is acquiring Elit Polska.

How many markets does MEKO AB operate across?

MEKO AB operates across 8 markets in northern Europe through its various brand names.

What percentage of MEKO AB does LKQ own?

As of December 31, 2023, LKQ owned 26.6% of MEKO AB.