LKQ Corporation (NASDAQ: LKQ) has disclosed Tuesday the acquisition of business and assets of Green Bean Battery, LLC. Since its inception in 2016, Green Bean has gained recognition as a hybrid battery reconditioner and installer, which has created a patented hybrid battery reconditioning process that generates a more trustworthy battery at the same time broadening its useful life.
Green Bean has bought a hybrid battery core from various sources. One of the sources includes LKQ. Green Bean first purchased hybrid battery then tunes them at its modern facilities across eight trading zones situated across the US. Furthermore, Green Bean fixes its overhauled batteries at the chosen sites in each of these trading zones of the consumer where LKQ functions today. Green Bean presently reconditions batteries for hybrid vehicles produced by Toyota, Honda, General Motors, Lexus, and Nissan.
Both the firm has not disclosed the terms of conditions. LKQ Corporation (NASDAQ: LKQ) shares were trading down 0.14% as the firm has lost -0.07 at the time of writing on Tuesday. LKQ Corporation's share price went from a low point around $24.00 to briefly over $51.52 in the past 52 weeks, though shares have since pulled back to $50.18. LKQ's market cap has stayed high, reaching $15.12 billion at the time of writing.
Additionally, this buying strengthens the commitment to grow parts and services offerings to fulfill the demands and avail opportunities that happen from technological changes in the automobile industry. Moreover, the entrepreneurial history of Green Bean's patented technology and sustainably focused products suited well with the mission and culture of LKQ.