LKQ Corporation (LKQ), the largest supplier of used auto parts in the United States and specializes to repair and accessorize automobiles and other vehicles, announced that it has acquired the business and assets of Green Bean Battery, LLC. LKQ stock price saw rise adjacent to the news.
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LKQ Corporation (LKQ) has advanced 0.05% at $50.28 in the current market at the time of this writing. LKQ stock closed the last session at $50.25. Shares of the company were fluctuating between $49.99 and $50.77.LKQ shares have risen by 98.34% over the last 12 months, and they have moved down by -1.59% in the past week. Furthermore, the company has a current market of $15.12 billion and its outstanding shares stood at 303.04 million.
Started in 2016, Green Bean refurbishes and assembles hybrid batteries, with its developed proprietary hybrid battery reconditioning process that produces a more efficient battery while respectively increasing its useful life. Green Bean purchases hybrid battery cores from various sources, inclusive of LKQ, and refurbishes them at its next-generation facilities among eight trading zones located across the United States.
Green Bean provides full services as well as installs its reconditioned batteries in accordance to customers’ preferred locations in each of these trading zones where LKQ is operational today. Green Bean presently refurbishes batteries for hybrid vehicles produced by Toyota, Honda, General Motors, Lexus, and Nissan.
This acquisition reinforces the company’s continuous commitment to the expansion of its parts and services offerings to fulfill the demands and opportunities that are produced from technological variations in the vehicular space. Battery reconditioning depicts a natural increase of the present powertrain remanufacturing operations.
Furthermore, Green Bean’s entrepreneurial history, proprietary technology, and efficient products are complementary in nature withLKQ’s mission and culture, with the acquisition expected to skyrocket the company’s valuation. Terms and conditions of the acquisition were not disclosed.
LKQ is currently operational in North America, Europe, and Taiwan. LKQ has offered its clients an extensive range of OE recycled and aftermarket parts, replacement platforms, components, machinery, and services to repair and accessorize automobiles, trucks, and recreational and various performance vehicles.
Complementary nature of business between LKQ and Green Bean has induced investor interest, with LKQ stock price rising at the current market.