Wabash National Completes Acquisition
LAFAYETTE - Lafayette-based Wabash National Corp. (NYSE: WNC) has completed the acquisition of Goshen-based Supreme Industries Inc. (NYSEMKT: STS). The deal, which had a $364 million equity value, will make Supreme a subsidiary of Wabash National.
Wabash National had offered $21 per share for the country's second-largest truck body producer. As a result of the acquisition, Supreme Industries will no longer be a publicly traded company and will merge with another Wabash National subsidiary, Redhawk Acquisition Corp.
When the acquisition was announced, Wabash National said the deal would create an annual savings of $20 million by 2021.
"We are excited to add the Supreme business to our company in order to leverage the urbanization and e-commerce trends which are fueling a consumer preference for home delivery," said Dick Giromini, chief executive officer of Wabash National. "This acquisition is the continuation of our growth and diversification strategy into the rapidly growing final mile space. Wabash intends to be at the forefront of the final mile evolution in the transportation market, and the addition of Supreme to our portfolio advances that strategy."
Earlier this month, the acquisition cleared a federal antitrust review period.