Hendrickson has acquired the Motor Wheel Brake Drum and Crewson slack adjuster business segments, based in Chattanooga TN and Berea KY, from STEMCO and parent company EnPro Industries, the companies reported Aug. 14.
“After announcing the exit of STEMCO’s Motor Wheel brake drum and Crewson brake adjuster brands on June 25, we were pleased to receive an offer from Hendrickson to purchase the assets and to continue operating the business,” said Marvin Riley, EnPro president and CEO. “This transaction represents a positive outcome for all stakeholders as it preserves the jobs of our workforce and mitigates customer disruptions, while providing EnPro’s shareholders a fair valuation for the assets of the business.”
The business segments will operate as a division of Hendrickson Truck Commercial Vehicle Systems. The Motor Wheel & Crewson names will be kept and used as a product name going forward. The sale is expected to close in the third quarter of 2020 and is subject to typical closing conditions. “This acquisition will provide a platform for Hendrickson to advance our light-weight drum brake system performance and provide components that will complement our existing product portfolio. We look forward to working with our new associates and strengthening our business ultimately serving the commercial truck and trailer industry,” said Gary Gerstenslager, Hendrickson president and CEO.