POMONA, Calif., Jan. 13, 2004 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that it has acquired Quinte Bumper & Fender, Inc., a privately held company based in Ontario, Canada, that distributes automobile collision replacement parts. Quinte recorded sales of approximately $8.7 million CAD ($6.5 million USD) during its most recent fiscal year. Terms of the transaction were not disclosed.
"This acquisition is a continuation of Keystone's strategy to expand throughout Canada. Quinte has a very good business model, an excellent distribution system that complements our existing Canadian facilities and a strong management team," said Charles J. Hogarty, president and chief executive officer of Keystone.
He noted that the Canadian aftermarket offers Keystone good growth potential by opening a large market not previously serviced by Keystone. Hogarty emphasized Keystone's Platinum Plus private label product line, its quality assurance programs and increasing acceptance of Keystone's products by the insurance industry, body shops and consumers as important strategic factors that support the company's expansion plans for the Canadian market.
Quinte's main hub/distribution center is in Trenton, Canada, with additional distribution centers in Toronto, Ottawa and Montreal.
About Keystone
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 126 distribution facilities, of which 22 serve as regional hubs, located in 38 states, Canada and Mexico. Its product lines consist of automotive body parts, bumpers, 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.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting the company will be those anticipated by the company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors, including but not limited to the impact on the company as a result of (i) the uncertainty involved in acquiring the outstanding stock of a corporation and the growth potential of Canadian market; and (ii) the continuing impact of the verdict in the State Farm Mutual Automobile Insurance Company class action, which is on appeal, as well as the outcome of a similar case currently pending in Canada. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the ongoing risks and uncertainties of the Company's business, see the Company's Form 10-K for the year ended March 28, 2003, and its Form 10-Q for the quarter ended September 26, 2003, on file with the Securities and Exchange Commission.