Press Releases
Keystone Automotive Industries Announces Two Acquisitions
POMONA, Calif. March 11, 1999 -- Keystone Automotive Industries, Inc. (Nasdaq: KEYS) today announced that it has completed the acquisition of the Midwest Bumper Group of Companies, headquartered in Grand Rapids, Michigan.
Keystone also announced that it had completed the acquisition of 1-800-USED-RIM of Los Angeles, California, a distributor of new and used steel and alloy wheels.
Midwest Bumper operates four aftermarket collision parts distribution facilities in Grand Rapids, Lansing, Traverse City and Saranac, Michigan, and it had 1998 revenues of approximately $16 million. 1-800-USED-RIM had 1998 revenues of approximately $2 million.
Terms of these transactions were not disclosed.
Charles J. Hogarty, President and Chief Executive Officer of Keystone, said, "These acquisitions are an important step in our goal of building a nationwide distribution network and in continuing to develop our wheel business."
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 105 distribution facilities, of which 19 serve as regional hubs. Its product lines consist of automotive body parts, bumpers, auto glass and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 19,000 stock keeping units that are sold to more than 25,000 repair shops throughout the nation.
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CONTACTS: Steven D. Stern
Pondel Parsons & Wilkinson
(310) 207-9300