Press Room
Press Releases - 1999
Keystone Automotive Industries, Inc. Extends Credit Agreement
with Mellon Bank and Increases Line to $30 Million
POMONA, Calif., Oct. 18, 1999 -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS), today announced that it has extended its agreement with Mellon Bank and increased its credit facility to $30 million.
John M. Palumbo, chief financial officer, said, "We are pleased to extend our agreement with Mellon Bank for another year. The increase in the credit facility will give Keystone added flexiblity to continue to execute our strategy of acquisitions, start-ups, repurchase common stock and to invest in other opportunities as they become available."
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 115 distribution facilities, of which 22 serve as regional hubs. Its product lines consist of automotive body parts, bumpers, auto glass and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 22,000 stock keeping units that are sold to more than 25,000 repair shops throughout the nation.
CONTACTS:
Steven D. Stern / Gary S. Maier
Pondel/Wilkinson Group
(310) 207-9300