Keystone Agrees to Buy 2 Florida Firms

Pomona-based Keystone Automotive Industries Inc. said it agreed to buy Inteuro Parts Distributors Inc. and Car Body Concepts Inc. for about $46.8 million in stock. The replacement auto parts distributor said it will issue 2 million shares to complete the acquisitions. Based on Keystone’s closing price of $23.38 on Nasdaq, down 13 cents, the transactions are valued at about $46.8 million. Miami-based Inteuro, which distributes auto replacement parts to collision repair shops in Florida and the Southeast, had revenue of $28.4 million and pretax operating income of $2.99 million for the fiscal year ended Dec. 31, 1996. Keystone also said it will buy Miami-based Car Body Concepts, with estimated revenue of about $2.5 million for the year ending Dec. 31.