LKQ Corp. has announced that it has completed the previously announced 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., a glass manufacturer based in Mexico. The sale price was $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 through which LKQ’s ongoing aftermarket glass distribution business will purchase a specified amount of its automotive glass from Vitro at specified prices.
“This divestiture, and the retention of the PGW aftermarket glass distribution business, reflects LKQ’s ongoing commitment to being a one-stop-shop solution to the collision repair industry in North America,” said Robert Wagman, president and CEO of LKQ Corp.