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LKQ Corp (LKQ) Buys Green Bean Battery, Expands Product Offering
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LKQ Corporation (LKQ - Free Report) recently announced the acquisition of the business and assets of Green Bean Battery, LLC. Financial terms of the transaction are still under the wraps.
Established out of the requirement for a better hybrid battery, Pittsboro, NC-based Green Bean was developed around the core of building a reliable reconditioned hybrid battery and extending the hybrid battery life. Since its creation, the company has grown to develop a proprietary hybrid battery reconditioning process that distinguishes its hybrid batteries from the rest.
After acquiring hybrid battery cores from various sources, including LKQ Corp, Green Bean reconstructs those at its innovative plants located throughout the United States. Green Bean then installs its reconditioned batteries at its customers’ favored locations in each of these trading zones. Green Bean currently reconditions batteries for hybrid vehicles manufactured by auto biggies like Toyota (TM - Free Report) , Honda (HMC - Free Report) , and General Motors (GM - Free Report) among others.
The buyout strengthens LKQ Corp’s commitment to widen its parts and services offerings to cater to the rising demands in the automobile industry. Moreover, battery reconditioning complements LKQ Corp’s current powertrain remanufacturing operations.
Additionally, Green Bean’s pioneering business history, proprietary technology and viable products are a perfect fit with LKQ Corp’s mission and culture, thus making the company highly optimistic about the buyout.
One of the leading providers of replacement parts, LKQ Corp is benefitting from strategic buyouts. In the first quarter of 2021, LKQ Corp acquired Nebraska-based automotive mobile diagnostic services business, Greenlight, which will be fully integrated into the Elitek brand by the end of the year.
In response to the uncertainties caused by the coronavirus pandemic, LKQ Corp has initiated a series of cost-saving initiatives which is shoring up its margins. The company’s North American segment’s operational efficiency efforts have resulted in permanent cost reductions of approximately $80 million annually. The firm’s first-quarter 2021 selling, general and administrative (SG&A) expenses as a percentage of revenue dropped to 26.8% in the quarter or came in 320 basis points better than the year-ago figure. The focus on cost discipline and simplifying its operating model is likely to result in sustained margin expansion for the company.
The company put up a stellar show during the January-March quarter, with adjusted earnings of 94 cents per share on total revenues of $3,170.8 million.
However, the global chip crunch, which is currently wreaking havoc on the auto industry, is a major tailwind for the auto replacement parts firm. Across all of its segments, LKQ Corp is witnessing some supply-chain disruptions, which is resulting in incremental cost in freight, labor and cost of goods sold.
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LKQ Corp (LKQ) Buys Green Bean Battery, Expands Product Offering
LKQ Corporation (LKQ - Free Report) recently announced the acquisition of the business and assets of Green Bean Battery, LLC. Financial terms of the transaction are still under the wraps.
Established out of the requirement for a better hybrid battery, Pittsboro, NC-based Green Bean was developed around the core of building a reliable reconditioned hybrid battery and extending the hybrid battery life. Since its creation, the company has grown to develop a proprietary hybrid battery reconditioning process that distinguishes its hybrid batteries from the rest.
After acquiring hybrid battery cores from various sources, including LKQ Corp, Green Bean reconstructs those at its innovative plants located throughout the United States. Green Bean then installs its reconditioned batteries at its customers’ favored locations in each of these trading zones. Green Bean currently reconditions batteries for hybrid vehicles manufactured by auto biggies like Toyota (TM - Free Report) , Honda (HMC - Free Report) , and General Motors (GM - Free Report) among others.
The buyout strengthens LKQ Corp’s commitment to widen its parts and services offerings to cater to the rising demands in the automobile industry. Moreover, battery reconditioning complements LKQ Corp’s current powertrain remanufacturing operations.
Additionally, Green Bean’s pioneering business history, proprietary technology and viable products are a perfect fit with LKQ Corp’s mission and culture, thus making the company highly optimistic about the buyout.
One of the leading providers of replacement parts, LKQ Corp is benefitting from strategic buyouts. In the first quarter of 2021, LKQ Corp acquired Nebraska-based automotive mobile diagnostic services business, Greenlight, which will be fully integrated into the Elitek brand by the end of the year.
In response to the uncertainties caused by the coronavirus pandemic, LKQ Corp has initiated a series of cost-saving initiatives which is shoring up its margins. The company’s North American segment’s operational efficiency efforts have resulted in permanent cost reductions of approximately $80 million annually. The firm’s first-quarter 2021 selling, general and administrative (SG&A) expenses as a percentage of revenue dropped to 26.8% in the quarter or came in 320 basis points better than the year-ago figure. The focus on cost discipline and simplifying its operating model is likely to result in sustained margin expansion for the company.
The company put up a stellar show during the January-March quarter, with adjusted earnings of 94 cents per share on total revenues of $3,170.8 million.
However, the global chip crunch, which is currently wreaking havoc on the auto industry, is a major tailwind for the auto replacement parts firm. Across all of its segments, LKQ Corp is witnessing some supply-chain disruptions, which is resulting in incremental cost in freight, labor and cost of goods sold.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency have sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>