Former Advance Auto Parts Exec Named CFO for Keystone Automotive
Keystone Automotive Industries has appointed Jeffrey Gray as chief financial officer, effective April 3. Gray succeeds John Palumbo, who recently resigned. Gray, 41, most recently served as executive vice president and chief financial officer of Advance Auto Parts.
Keystone Automotive Names New CEO; Broker to Retire
Keystone Automotive Operations today announced that Bob Vor Broker has decided to retire as CEO of the company. Ed Orzetti, an experienced distribution executive, has been appointed to the post, effective March 1. Vor Broker will maintain a consulting role with the company to ensure a smooth transition.
Keystone Automotive Industries Reports Record Quarterly and Nine-Month Results
Keystone Automotive Industries has reported record earnings and sales for its fiscal 2006 third quarter and year to date, which ended December 30, 2005. Net income for the fiscal third quarter climbed 77.1 percent to $7.1 million, or 44 cents per diluted share, from $4 million, or 25 cents per diluted share, a year ago. Net sales for the same period increased 20.3 percent to $164.4 million from $136.6 million last year.
Keystone Automotive CFO Resigns
Keystone Automotive Industries announced that John Palumbo has resigned as CFO to accept a similar position with a Los Angeles-based solar energy company. Terry Tuttle, currently the company’s controller, will become vice president finance. Keystone has begun a search for Palumbo’s replacement.
Keystone Automotive Receives Frost & Sullivan Market Leadership Award
Frost & Sullivan’s recent analysis of the U.S. Automotive Collision Parts End-User market selected Keystone Automotive Industries, Inc. as the recipient of the 2005 Market Leadership of the Year Award. According to Frost & Sullivan’s surveys, Keystone was the number-one supply source choice in all collision repair product categories in 2005 on a national basis.
Keystone Automotive Named in Ford Complaint Under Investigation By International Trade Commission
Keystone Automotive Industries today is responding to a press release issued by the International Trade Commission (ITC) announcing an investigation into the importation and sale of certain aftermarket collision replacement parts for the Ford F-150 truck. The ITC’s investigation is based upon a complaint by Ford that the importation and sale infringes certain design patents that it holds.
Keystone Automotive Buys Reliable Automotive
Keystone Automotive has reached a definitive agreement to acquire Reliable Automotive. Currently, Reliable Automotive distributes more than 300 product lines nationally to more than 15,000 customers via 10 warehouse facilities and seven sales offices.
Keystone Automotive Acquires Automotive Parts Distributor in Massachusetts
Keystone Automotive has signed a definitive agreement to acquire the assets of Veng USA, headquartered in Seekonk, MA. Veng USA recorded revenues of approximately $37.1 million over the twelve months ended Aug. 31. Terms of the transaction were not disclosed. The acquisition is scheduled to close on Oct. 31, subject to the satisfaction of certain customary conditions.
Keystone Automotive Eyes Katrina Losses
Keystone Automotive Industries Inc., a distributor of unbranded automotive parts, said Monday it expects damage related to Hurricane Katrina to reduce second-quarter sales by about $1 million.
Keystone Automotive Industries Appoints Board Members
Keystone Automotive Industries has appointed Stephen Rhodes and Ronald Moore to its board of directors, increasing the board to a total of eight members.