Wabash National Corporation to Divest Aviation and Truck Equipment Business to AFI Partners
22 Janeiro 2019 - 11:43AM
Wabash National Corporation (NYSE: WNC), a diversified industrial
manufacturer and a leading producer of semi-trailers, truck bodies
and liquid transportation systems, today announced it is selling
its Aviation and Truck Equipment (AVTE) business to Garsite
Progress, LLC, an entity formed by AFI Partners, a New York-based
private equity firm, with the transaction effective today.
AVTE, based in Kansas City, Kansas, was added to Wabash
National’s Diversified Products Group portfolio via the acquisition
of Walker Group Holdings in 2012. AVTE includes the Progress Tank
brand of truck-mounted tanks for fuels, oil and waste, as well as
Garsite branded aircraft refueling equipment. Both businesses will
continue operations under ownership of AFI Partners.
“Today’s announcement reflects our ongoing commitment to
assuring we maintain a portfolio of businesses that align with our
growth strategy,” said Brent Yeagy, president and chief executive
officer. “After an extensive evaluation of our AVTE business, the
divestiture will create value for investors by streamlining our
portfolio and giving us increased financial flexibility to
strengthen our balance sheet, return capital to shareholders and
pursue future strategic M&A.”
About Wabash National CorporationHeadquartered
in Lafayette, Indiana, Wabash National Corporation (NYSE: WNC) is a
diversified industrial manufacturer and a leading producer of
semi-trailers, truck bodies and liquid transportation systems.
Established in 1985, the Company manufactures a diverse range of
products including: dry freight and refrigerated trailers, platform
trailers, bulk tank trailers, dry and refrigerated truck bodies,
intermodal equipment, structural composite panels and products,
trailer aerodynamic solutions, and specialty food grade and
pharmaceutical equipment. Its innovative products are sold under
the following brand names: Wabash National®, Beall®, Benson®,
Brenner® Tank, Bulk Tank International, DuraPlate®, Extract
Technology®, Supreme®, Transcraft®, Walker Engineered Products, and
Walker Transport. Learn more at www.wabashnational.com.
Safe Harbor StatementThis press release
contains certain forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995 about the
Company’s proposed sale of certain assets of Wabash National
Corporation to AFI Partners and the timing of the anticipated
transaction. Forward-looking statements convey the Company’s
current beliefs, expectations or forecasts of future events but are
subject to a number of risks, uncertainties and changes in
circumstances, which may cause actual results or actions to differ
materially from what is expressed or implied by these statements.
All statements contained in this press release other than
statements of historical fact are forward-looking statements. The
factors that could cause actual future results to differ materially
from current expectations include, but are not limited to, the
satisfaction of conditions to closing the transaction and the time
and resources required to do so, competitive developments, and
conditions in each of the companies’ industries. Readers should
review and consider the various disclosures made by the Company in
this report and in the Company’s other reports to its stockholders
and periodic reports on Forms 10-K and 10-Q and the risk factors
discussed in the Company’s filings with the U.S. Securities and
Exchange Commission.
Media Contact:Dana StelselDirector, Corporate
Communications(765)
771-5766dana.stelsel@wabashnational.com
Investor Relations:Ryan ReedDirector, Investor
Relations(765) 771-5805ryan.reed@wabashnational.com
Wabash National (NYSE:WNC)
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