In a move to diversify its business, Indiana-based transportation equipment manufacturer Wabash National Corp. has purchased assets from Portland, Ore.-based aluminum tank maker Beall Corp. for $15 million.
The acquisition is expected to close in the first quarter.
The assets, which were auctioned off as part of Beall's bankruptcy proceedings, include equipment, inventory, product designs and a manufacturing facility in Portland. The acquisition includes Beall's 406 Petroleum tanker and Dry Bulk products, which is expected to open up new markets for Wabash.
"Beall has a long-standing reputation for industry-leading product designs and quality," Wabash Chief Executive Officer Dick Giromini said in a statement. "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." - Jon Ross