Automobile-parts recycler LKQ Corp. said it completed seven acquisitions in the third quarter through Sept. 20, improving its distribution, and that it was continuing to see opportunities for more deals.
The acquisitions expand LKQ’s wholesale aftermarket and recycled parts distribution in a number of markets including Philadelphia and Cincinnati and its production capacity for refinishing of aluminum wheels, the company said in a statement.
The acquired businesses generate about $115 million in annual revenue, the company said.
LKQ buys wrecked cars at auctions and salvages reusable parts including engines, doors, fenders and grilles and distributes them to mechanical repair shops, or directly to customers.
Shares of the Chicago-based company closed at $20.63 Tuesday on Nasdaq. They have lost 6 percent of their value since touching a year high on April 29 when the company raised its full-year earnings forecast for the first time. It hiked its view again in July.
