Wabash National Corp. has sold its Extract Technology business unit to Lausanne, Switzerland-based Dietrich Engineering Consultants SA (DEC), the trailer manufacturer reported July 1. Extract Technology, based in Huddersfield, U.K., is a worldwide supplier of containment and aseptic systems for the pharmaceutical, healthcare, biotech and chemical markets. Terms of the deal were not disclosed.
“Along with our company’s purpose of Changing How the World Reaches You, we have refined our vision to focus on providing engineered solutions for the transportation, logistics and distribution industries,” said Mike Pettit, senior vice president and chief financial officer. “Although Extract Technology is an excellent business, its solutions and customers do not align with our core markets. We believe the Extract team and its customers will thrive with DEC because it is dedicated to investing in the broader pharmaceutical and medical industries.”
Extract Technology joined Wabash National in 2012 as part of the Walker Group Holdings acquisition. Extract Technology represented approximately $22M of sales in 2020 and was reported within Wabash National’s Diversified Products Group segment.
“With the sale of Extract Technology, which comes on the heels of divesting Beall tank trailers and our last remaining Wabash National Trailer Center retail branch, we are confident our portfolio of businesses is well structured to support our strategic growth initiatives in the areas of home delivery, cold chain, and upfitting, parts and services,” Pettit added.
The sale closed June 30, with Extract Technology continuing operations under the ownership of DEC, according to the Wabash statement.