Suncorp Group announced it has acquired full ownership of the ACM Parts joint venture after purchasing that stake owned by LKQ Corporation (NASDAQ:LKQ), Suncorp’s partner in the joint venture.
Originally announced in August 2013, the ACM Parts joint venture brought together the US-based non-OEM and recycled parts supplier with Australia’s largest insurer to establish an alternative parts business.
At the time it was announced that LKQ would supply aftermarket parts to the joint venture and contribute its experience to establish automotive parts recycling operations. Suncorp would supply salvage vehicles to the joint venture and help establish relationships with repair shops
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