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Letter to the Editor
Friday January 4
Keystone Automotive Industries, Inc. Acquires Wheel Cover Business
POMONA, Calif. -- Keystone Automotive Industries, Inc. has announced that it has acquired substantially all of the assets of I.W.C. International Inc., a distributor of aftermarket wheel covers based in Tampa, Florida. I.W.C. has annualized revenues of approximately $7.0 million. Terms of the transaction were not disclosed.
Additionally, the company announced it would open a new distribution facility in Tulsa, Oklahoma later this month. It anticipates opening another new distribution facility in Portland, Oregon during the fourth quarter of fiscal 2002 and is also exploring the viability of establishing a greenfield operation in Raleigh, North Carolina.
"The acquisition of I.W.C. and our expansion plans reflect the renewed strength of the aftermarket business environment. We look forward to additional opportunities to leverage Keystone's growing distribution network and reputation within the automotive industry," said Charles J. Hogarty, president and chief executive officer of Keystone.
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 113 distribution facilities, of which 21 serve as regional hubs. Its product lines consist of automotive body parts, bumpers, auto glass 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.
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