Wabash National Realigns Retail Division
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowLafayette-based Wabash National Corp. (NYSE: WNC) has announced the realignment of its retail unit. The division will now be split between the company’s commercial trailer products and diversified products segments.
The company says its Wabash National Trailer Centers in Ohio, Pennsylvania, Florida, Colorado and Texas will become part of the Commercial Trailer Products segment, while the Brenner Tank Services locations in Wisconsin, Illinois, Arkansas, Kentucky, Louisiana and Texas will become part of the Diversified Products segment.
In conjunction with the retail segment realignment, Wabash National has also finalized an agreement with Portland-based TEC Equipment Inc., which will take over operation of the Wabash National Trailer Center in Phoenix as an independent dealer facility. TEC will also provide sales, parts and service for three brand trailers in Arizona, New Mexico and parts of Idaho, beginning next month.
"We have made great strides in our ongoing efforts to transform Wabash National into a diversified industrial manufacturer to reduce cyclicality, improve profitability and drive higher growth," said Dick Giromini, president and chief executive officer of Wabash National. "The decision to strategically realign and consolidate our retail locations and transition a company-owned store to an independent dealer will further these efforts and allow us to expand upon an already impressive network of independent dealers."
Brent Yeagy, group president of commercial trailer products, says the deal with TEC was a "natural follow-up" to the transition of three former branch locations in Oregon and California to TEC in 2014. "TEC Equipment has proven to be a best-in-class dealer that provides excellent service to our mutual customers and a business partner that represents the Wabash brand very well."
In April, Wabash National reported record first quarter profit with a net income of $27.5 million.