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Letter to the Editor
Tuesday October 18
Keystone Automotive Acquires Veng USA
Keystone Automotive Industries, Inc. has signed a definitive agreement to acquire the assets of Veng USA, headquartered in Seekonk, Massachusetts. Veng USA recorded trailing revenues of approximately $37.1 million over the twelve months ended August 31, 2005. Terms of the transaction were not disclosed. The acquisition is scheduled to close on October 31, 2005. The closing is subject to the satisfaction of certain customary conditions."The acquisition complements Keystone's ongoing strategy to expand its distribution strength and capitalize on the growing demand for generic collision replacement parts. Veng USA is a highly respected leader in the collision parts industry. Its products and distribution strength clearly complement Keystone's existing presence in the New England region," said Richard L. Keister, president and chief executive officer of Keystone.
Scott Edwards, president and chief executive officer of Veng USA, will join Keystone as a vice president.
"Scott is a highly regarded veteran of the automotive aftermarket industry, leading a talented management team and a group of dedicated employees. His background and experience serving on the technical committee of the Certified Auto Parts Association, a committee responsible for ensuring high quality standards for the manufacturers of collision replacement parts, will be invaluable moving forward. We are extremely pleased to welcome Scott and the entire Veng USA organization to the Keystone team," Keister said.
Headquartered in Seekonk, Massachusetts, Veng USA employs approximately 170 people throughout the New England region. It operates seven locations in Seekonk, Woburn, and Sutton, Massachusetts; Manchester, New Hampshire; Manchester and Milford, Connecticut; and Auburn, Maine. Veng USA distributes a complete line of premium quality automotive collision replacement parts including fenders, hoods, bumpers, grilles, cooling and lighting products, mirrors, and wheels.
Keystone Automotive Industries, Inc. distributes its products primarily to collision repair shops through its 129 distribution facilities, of which 22 serve as regional hubs, located in 38 states and Canada.
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