LKQ BOSS: INVESTMENTS UNDER REVIEW ‘TO SECURE LIQUIDITY’

Arnd Franz, CEO of LKQ Europe has spoken in an interview about the direction of the group as the region emerges from lockdown. 

Speaking to German weekly, Automobilwoche, Franz explained that investments planned by the company needed to be under close review ‘not only to adjust capacity, but also to secure liquidity’.

READ:  WALKOUT AT EURO CAR PARTS

However, Franz was keen to point out that any review did not affect the large distribution centre, currently under construction in the Netherlands.

“We are providing a medium double-digit million-euro amount for this. Our plan is to complete this project by the end of the year. This will not change at all” he said.

READ: LKQ CONFERENCE FOCUSSES ON CHANGE MANAGEMENT

Also in the interview, Franz explained that independent garages might see some business return soon, though 2020 will understandably be down on 2019. ‘Perhaps we will have a chance of recovery towards the end of the second quarter, but perhaps not until the third quarter’ he said.

Last month he explained in another interview that an ‘integration’ of the systems and processes used by the firm’s many brands over Europe was required.

 

Published by Greg Whitaker

Editor of CAT Magazine and an experienced motoring journalist @GregWhitaker5

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  1. History shows that when things get tough the American aftermarket operations sacrifice their overseas interests and retreat to the home market. Especially when there is such a high borrowing level in a market where its tough to make the margins expected by Wall Street.