Akzo Nobel sells company-owned branches to LKQ Corp.
May 17, 2011 — Akzo Nobel Automotive & Aerospace Coatings Americas on Tuesday announced plans to sell its U.S.-based branches to LKQ Corp. with the goal of broadening its North American distribution.
The sale highlights Akzo Nobel’s commitment to the U.S. market and belief in the need for a diverse distribution network, the company said in a prepared statement. The transaction will take place May 27, at which time LKQ will begin carrying the Sikkens, Lesonal and U-Tech brands.
“LKQ Corporation is one of the most recognized and respected names in the automotive industry,” said Akzo Nobel General Manager AB Ghosh. “We are proud to have them as a part of our growing North American network of distribution partners.”
He said moving toward independent distribution in North America allows for greater focus on areas that set Akzo Nobel apart from competitors.
“We are constantly challenging ourselves to improve our global leadership position,” Gosh said. “Our strength exists in our core competencies which are providing exceptional products, technology, and service to the collision repair industry.”
Robert Wagman, co-CEO of LKQ, said his company is a longtime admirer of AkzoNobel’s offerings.
“Their ability to deliver value added solutions in combination with being a color technology leader makes it an honor to partner with the world’s largest coatings company,” Wagman said.
LKQ, a nationwide supplier of reconditioned, remanufactured, aftermarket and self-service parts, has relationships with thousands of collision repair shops throughout the country. Wagman said he was looking forward to new opportunities as a result of the deal with Akzo Nobel.
“This transaction reflects LKQ’s commitment to being a one-stop-shop solution to the collision repair industry by providing superior products and services,” he said. “Adding Akzo Nobel’s portfolio of brands to our product offerings validates that commitment.”
Akzo Nobel is the largest global paints and coatings company as well as a major producer of specialty chemicals.