POMONA, Calif., April 29, 2003 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that it has acquired Landmark Autoparts, a private company that distributes automobile collision replacement parts in the Newport News/Norfolk Virginia area. Landmark recorded sales of approximately $3.6 million in 2002. Terms of the transaction were not disclosed.
"This acquisition expands our geographic reach into a new and desirable area of the country and fits perfectly with our strategic growth strategy," said Charles J. Hogarty, president and chief executive officer of Keystone. "This location will allow us to service the Newport News, Norfolk and Richmond, Virginia areas."
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 116 distribution facilities, of which 21 serve as regional hubs, located in 38 states, Vancouver, Canada and Tijuana, 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.