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Keystone agrees to be acquired by LKQ

July 18, 2007|From Times Staff and Wire Reports

Pomona-based Keystone Automotive Industries Inc., which distributes parts to collision repair shops, said Tuesday that it agreed to be bought by larger rival LKQ Corp. for $811 million in cash.

Chicago-based LKQ would pay $48 a share for Keystone.

LKQ, the biggest U.S. provider of recycled auto parts, said it expected the deal to add to earnings in 2008.

Keystone shares surged $3.19 to $46.80. LKQ shares jumped $3.71 to $29.09.

Keystone, which went public in 1996, reported sales of $714 million and profit of $30.3 million in the fiscal year ended March 31. LKQ earned $44.4 million on sales of $789 million last year.

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