Oct. 2, 2009
LKQ Corporation today announced that it has acquired Greenleaf Auto Recyclers, LLC ("Greenleaf") from Schnitzer Steel Industries,
Inc. ("SSI") . Greenleaf is the entity through which SSI operated in the late model automotive parts recycling business.
In addition, SSI has acquired from LKQ four retail oriented self-service recycling facilities
in Oregon and Washington. LKQ also sold certain business assets to SSI related to two
self-service facilities in Northern California and a self-service facility in Portland, OR.
LKQ will close the two self-service facilities in Northern California and convert the
self-service
operation in Portland, OR to a wholesale recycling business.
LKQ has also agreed, subject to customary closing conditions, to sell SSI two
self-service recycling facilities in Dallas, TX with an anticipated closing date in
mid-January 2010.
Terms of these transactions were not disclosed.
"These transactions provide us with additional wholesale recycling capacity and
enhanced customer penetration in numerous markets in our late model recycled
auto parts business line, and provide our initial entry to the northern Virginia
market," said Joe Holsten, LKQ's President and Chief Executive Officer.
Mr. Holsten added, "While the self-service operations we are disposing of
are good businesses, they fit better with SSI's operations and business model."
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