POMONA, Calif., May 12, 1999 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that it has completed the acquisition of Nordan Distributors, Inc., headquartered in Bellingham, Washington with additional distribution sites in Seattle, Spokane and Vancouver, British Columbia. Nordan Distributors had historical revenues of approximately $7.5 million. Terms of the transaction were not disclosed.
Charles J. Hogarty, president and chief executive officer of Keystone, said, "The acquisition of Nordan supports our strategy to position Keystone as the only truly national distributor of aftermarket collision replacement parts. It also represents Keystone's first Canadian distribution site. Through the Vancouver operation, we will have the opportunity to evaluate and assess the Canadian marketplace for possible future expansion."
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 109 distribution facilities, of which 20 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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The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the impact on the Company of (i) an unfavorable article on aftermarket collision parts in Consumer Reports, (ii) the implementation of a new comprehensive enterprise software package for accounting, distribution and inventory planning and year 2000 compliance, (iii) the results of a pending class action law suit against State Farm Mutual Automobile Insurance Company, and (iv) the Company's ability to find suitable acquisition candidates and acquire entities on terms favorable to the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the ongoing risks and uncertainties of the Company's business, see the Company's filings with the Securities and Exchange Commission.
Steven D. Stern / Gary S. Maier Pondel/Wilkinson Group (310) 207-9300