Wabash acquires truck body manufacturer Supreme Industries

Truck trailer manufacturer Wabash National purchased Supreme Industries for $364 million, receiving 90.88 percent of its shares, the company said in a statement.    Truck trailer manufacturer Wabash National has acquired truck body manufacturer Supreme Industries, Inc., via a cash tender offer for all outstanding shares of Supreme’s Class A and Class B common stock, the company said in a statement. 
   First announced Aug. 8, the acquisition was completed Wednesday with the final purchase of 14 million Class A shares and 1.6 million of Class B shares for a total of 90.88 percent belonging to Wabash National. The sum of the deal is worth $364 million, the company stated back in August.
   “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 Wabash CEO Dick Giromini. “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.”
   According to Wabash National’s announcement, each share not tendered and accepted for payment in the offer has been converted into the right to receive $21 net to the seller in cash, without interest and subject to applicable withholding taxes.
   Established in Indiana, Wabash National manufactures dry freight, bulk and refrigerated trailers and truck bodies and intermodal equipment among other products.