Wabash National Corporation announced that it has completed the acquisition of certain operating assets of Benson International, a manufacturer of aluminum flatbeds, dump trailers and other truck bodies, for approximately $5 million.
The transaction was financed from available credit facilities. Benson International has served the transportation industry for over 45 years, providing custom-built and prefabricated products.
“We are excited to have the Benson product portfolio as part of the Wabash family,” said Wabash
National President and Chief Executive Officer Dick Giromini. “We now can offer a premier all aluminum platform trailer line that provides customers with a lower weight, lower fuel consumption alternative that complements our Transcraft portfolio of steel and combo flatbed offerings. In addition, we gain access to the previously untapped dump trailer market, and now have the capability to produce a wide variety of custom-designed steel and aluminum dump trailers and platform bodies, all built to customer specifications. This acquisition allows Wabash National to continue to diversify our revenues within the broader trailer market. Benson truly fits our drive to solve customer requirements through innovation, quality and performance.”
“This transaction also provides us a leased, 180,000-square-foot state-of-the-art manufacturing facility in Cadiz, Kentucky, and gains us access to an experienced and motivated workforce as well as a strong dealer network,” said Wabash National Chief Operating Officer Joe Zachman. “The combination creates a company with the scale and scope to compete effectively in this increasingly important segment of the trailer market.”
The company will provide additional details during its upcoming earnings conference call on July 31,
2008.