LKQ Corporation (NASDAQ:LKQ) today announced that it has entered an agreement to sell the OEM glass manufacturing business of its Pittsburgh Glass Works subsidiary (PGW) to a subsidiary of Vitro S.A.B. de C.V. (VITROA.MX), a leading glass manufacturer based in Mexico. The sale price is $310 million, subject to potential post-closing purchase price adjustments.
As part of the transaction, LKQ and Vitro entered into a multi-year supply agreement where LKQ’s ongoing aftermarket glass distribution business will purchase a specified amount of its automotive glass from Vitro at specified prices.
The transaction is expected to be completed in the first quarter