Wabash National to Acquire Supreme Industries

Posted: Updated:
LAFAYETTE and GOSHEN -

One heavyweight of Indiana manufacturing has announced an agreement to buy another. Terms of the deal call for Lafayette-based Wabash National Corp. (NYSE: WNC) to acquire Goshen-based Supreme Industries Inc. (NYSEMKT: STS) for $21 per share, or $364 million in equity value.

Wabash National bills itself as North America’s leading producer of semi-trailers and liquid transportation systems and Supreme is considered the second-largest truck body manufacturer in the U.S.

Wabash National Chief Executive Officer Dick Giromini says "Wabash National has been closely monitoring the transportation landscape as the growth of e- commerce has continued to change the logistics model. We formally entered the final mile space in 2015 with the launch of our dry and refrigerated truck bodies, and we have been aggressively growing our presence and product offering over the past two years. This acquisition supports these efforts and accelerates our objective to transform our business into a more diversified industrial manufacturer."

Wabash National says it expects the deal to save the combined operations $20 million or more each year by 2021, mainly through synergies related to corporate, procurement and operational efficiencies.

Supreme Industries CEO Mark Weber says "this is an exciting day for Supreme. Combining with Wabash will enhance our ability to innovate more quickly and create more value for customers. We found a cultural fit with Wabash National. Because of their commitment to safety, innovation and customer relationships, I’m confident joining the Wabash National family will benefit our employees, customers and distributors."

The acquisition still needs to receive regulatory approval and it is expected to close by the end of the year.

  • Perspectives

    • 90 Minutes by 2020

      Chicago is the third-biggest city in the United States and more than ten million people live in the Chicagoland metropolitan area. Another seventy-six million people visit the area each year. Chicago is an international hub for commerce, and is a leader in industries like finance, manufacturing, technology, and telecommunications. It boasts the second busiest airport in the world and has one of the largest, most diversified economies in the world.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Another Illinois Company Moving to Indiana

      An Illinois-based shipping and logistics company has announced plans to relocate to Gary. HMD Trucking Inc. says it will invest nearly $6 million into a new headquarters, with plans to bring up to 500 jobs to Lake County by 2021. Founder Henry Malukas calls Gary a "perfect match" and cites several reasons for the move, including affordability to grow.

    • Purdue, Infosys Announce Major Partnership

      Purdue University and India-based tech giant Infosys have announced a strategic alliance. The five-year agreement will involve training for the company's American employees, joint research projects and a physical presence for Infosys on campus. In May, the consulting and technology company announced that it had chosen Indianapolis for one of its U.S. tech and innovation hubs, resulting in up to 2,000 new jobs by the end of 2021.

    • University Shifts Campus From California to Indy

      A private, Christian university has relocated it headquarters from San Diego to Indianapolis. Horizon University is now based at the Horizon Christian Fellowship of Indianapolis campus on the northeast corner of Marion County. Officials say the move will help attract more on-campus and online students. Bill Goodrich is Horizon University president and has served as senior pastor of the church in the Geist area since it opened in the late-1980s.

    • President of Indiana's Fastest-Growing Company 'Surprised'

      The president of The Garrett Companies says he experienced one overriding emotion when he heard his Greenwood-based development business was named the fastest-growing in Indiana on the 2017 Inc. 5000 list. "We're a little bit surprised," Eric Garrett told Inside INdiana Business. "We've been trying to limit or even slow this growth a bit." The company experienced more than 2,000 percent growth year-over-year, according to the publication, and Garrett says...

    • Four Ways to Build an Elite Team (On or Off The Field)

      During the past 26 years in business, I've been able to curate some of the most elite working teams -- one of which we're building right here in Indianapolis -- and learned how to manage individuals into becoming more effective as a unit. I also have a passion for youth sports and have taken a team of neighborhood kids to the Little League World Series. From both experiences I've found some major consistencies between business and sports and use those consistently to model teams.