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
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.