CHICAGO, Aug. 20, 2013 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today announced it formed a joint venture with Suncorp Group to develop an alternative auto parts business in Australia and New Zealand. Suncorp Group is Australia's largest insurer (measured by premiums) and New Zealand's second largest general insurance company.
LKQ will supply aftermarket parts to the joint venture and will contribute its experience to help establish automotive parts recycling operations. Suncorp will supply salvage vehicles to the joint venture and help establish relationships with repair shops as customers. The joint venture is expected to bring significant benefits to consumers in Australia and New Zealand through the introduction of high quality parts alternatives to repair vehicles which have been involved in collisions.
"We are thrilled to be working with Suncorp to grow the use of alternative auto parts in Australia and New Zealand. With over 12 million passenger vehicles on the road in Australia and a low usage of alternative parts in the market, we believe that this joint venture presents long term opportunities for both companies," stated Robert L. Wagman, President and Chief Executive Officer of LKQ Corporation.
Additional terms of the transaction were not disclosed.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is the largest nationwide provider of alternative collision replacement parts and a leading provider of recycled engines and transmissions and remanufactured engines, all in connection with the repair of automobiles and other vehicles. LKQ also has operations in the United Kingdom, the Benelux, France, Canada, Mexico and Central America. LKQ operates more than 500 facilities, offering its customers a broad range of replacement systems, components and parts to repair automobiles and light, medium and heavy-duty trucks.
About Suncorp Group
Suncorp Group includes leading general insurance, banking, life insurance, superannuation and investment brands in Australia and New Zealand. The Group has around 16,000 employees and relationships with nine million customers. It is a Top 20 ASX listed company with over $93 billion in assets. AAMI, GIO, Suncorp Insurance, Vero, Apia and Shannons are some of the brands in the Group that have built reputations for insurance innovation and customer service. They sell motor, home and contents, travel, boat, motorbike, caravan, workers' compensation and compulsory third party insurance.
CONTACT: Joseph P. Boutross-LKQ Corporation Director, Investor Relations (312) 621-2793 firstname.lastname@example.org