LAFAYETTE, Ind. – Wabash National has agreed to buy truck body builder Supreme Industries.
The deal is worth US$21 per share, equal to US$364 million. Supreme is the second largest manufacturer of truck bodies in the U.S., with 2016 sales of $299 million. It has seven manufacturing facilities throughout the U.S.
“Wabash National has been closely monitoring the transportation landscape as the growth of e-commerce has continued to change the logistics model,” said Dick Giromini, Wabash National’s chief executive officer. “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.”
The acquisition will combine Supreme’s extensive medium- and light-duty commercial vehicle portfolio, distribution network, and regional manufacturing locations with Wabash National’s advanced composite technologies, expertise in lean manufacturing and optimization, engineering and design proficiency and strong supplier relationships, Wabash announced.
The deal is expected to close in the fourth quarter.