Wabash National Corp. has reached agreement to acquire certain assets of the tank and trailer business of Beall Corp. Beall, based in Portland, OR, manufacturers tank trailers and related equipment.
Wabash said it will pay approximately $15 million in cash for Beall. The acquisition is expected to close during the first quarter of 2013.
“This acquisition represents the latest step in our ongoing initiative to diversify outside of our core Commercial Trailer Products business. Additionally, these assets and the Beall brand name strategically complement our Walker Group business through product portfolio expansion and geographic growth in the West,” said Dick Giromini, Wabash National president & CEO. “Beall has a long-standing reputation for industry-leading product designs and quality. We’re excited about strengthening our tank trailer offering with another premier brand as we continue to identify opportunities to further grow and enhance shareholder value.”
Beall Corp. entered Chapter 11 bankruptcy proceedings in September 2012. Its assets were put up for auction in December. Wabash National was the winning bidder for certain assets of Beall’s tank and trailer business, including its Portland, OR, manufacturing facility, as well as equipment, inventory, certain product designs, intellectual property and other related assets.
The closing of the transaction is subject to the Bankruptcy Court for the District of Oregon entering a final order approving the acquisition by Wabash National pursuant to and in accordance with the definitive agreement.