14 hours ago
LKQ Corporation (LKQ) Announces Joint Venture Between LKQ Europe and SYNETIQ Ltd.
LKQ Corporation (NASDAQ:LKQ) is one of the . On June 24, LKQ Corporation (NASDAQ:LKQ) announced a joint venture between LKQ Europe and SYNETIQ Ltd., an IAA company. LKQ Europe distributes automotive aftermarket parts for commercial vans, cars, and industrial vehicles in Europe, while SYNETIQ is a UK-based vehicle dismantling, recycling, and salvage company.
A worker in a factory using a robotic arm to assemble automotive body panels.
LKQ Corporation (NASDAQ:LKQ) reported that the joint venture, named LKQ SYNETIQ, would bring together SYNETIQ's expertise in dismantling, reusing, and remanufacturing and LKQ Europe's data-driven logistics network and distribution reach.
Management stated that the joint venture is expected to be a key building block for the development of LKQ Europe's salvage channel, along with its ability to comply with future EU Fit-for-55, End-of-Life Vehicle, and battery-recycling regulations. The venture would also position SYNETIQ to achieve its strategic goal of maximizing the financial and environmental potential of every vehicle.
LKQ Corporation (NASDAQ:LKQ) distributes vehicle products and parts for maintenance, repair, and accessorizing automobiles. The company operates in the following segments: Wholesale-North America, Europe, Specialty, and Self Service.
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Disclosure: None.
