LKQ enters joint venture with SYNETIQ
LKQ Europe has entered into a joint venture with SYNETIQ Ltd a UK vehicle parts, dismantling and vehicle-recycling specialist.
LKQ SYNETIQ, as the joint venture will be known, will combine SYNETIQ’s dismantling, reuse and remanufacturing expertise with LKQ’s distribution reach and data-driven logistics network.
The joint venture has been described as a key building block in the development of LKQ Europe’s salvage channel, further enhancing SYNETIQ’s strategic goal of maximising the environmental and financial potential of every vehicle. The joint venture will be led by Annick Jourdenais, LKQ Europe’s Senior Project Director Salvage, and SYNETIQ’s Dismantling Operations Director, Michael Hill working with Magnus Tagesson, CEO of LKQ Atracco and MD of LKQ Europe’s Salvage Channel and expands existing LKQ capability and investment in the European operation.
The partnership with SYNETIQ, is said to underline LKQ’s commitment to sustainability and circularity by expanding LKQ’s ability to distribute recycled parts across its regions and to meet future EU Fit-for-55, End-of-Life Vehicle and battery-recycling regulations.
By bringing new aftermarket parts, certified remanufactured parts and quality-assured recycled parts into a single catalogue, LKQ SYNETIQ aims to give workshops and body shops affordable, sustainable options and help them access “captive” OEM parts that are withheld from the independent aftermarket.
Andy Hamilton, President and Executive Managing Director, LKQ Europe, said: “This joint venture is a major milestone in our mission to put sustainable, affordable mobility within reach of every workshop and bodyshop in Europe. By combining SYNETIQ’s dismantling and recycled parts expertise with LKQ’s unmatched parts catalogue and logistics footprint, we will give customers genuine choice, reduce the carbon footprint of repair, and stay ahead of evolving European regulation. It’s further proof that—as market leader—we are not standing still but investing to keep our customers one step ahead. We will continue to look at further opportunities to expand this channel across Europe.”
Kevan Wooden, CEO, LKQ UK & Ireland, added: “Independent garages and bodyshops tell us they want the flexibility to source new, recycled or remanufactured parts from a single trusted provider, and with LKQ SYNETIQ this is exactly what we’ll be doing in what is a first for the UK aftermarket. It will empower technicians with more ways to cut key-to-key times, improve margins and hit sustainability targets.”
