US trailer manufacturer Wabash National has invested some US$15 million to acquire Beall's Portland manufacturing facility at a bankruptcy-court approved auction in December, as well as certain product designs and intellectual property.
Specialised in aluminum tank trailers and related equipment, Beall filed for Chapter 11 bankruptcy protection in September 2012, followed by an official auction of the company assets in December. Wabash used the opportunity to purchase the Beall manufacturing facility in Portland, as well as equipment, inventory, certain product designs, intellectual property and other related assets of the 107-year-old business.
“This acquisition represents the latest step in our on-going initiative to diversify outside of our core commercial trailer products business. Additionally, these assets and the Beall brand name strategically complement our Walker Group business through product portfolio expansion and geographic growth in the West,” said Wabash National President and CEO, Dick Giromini.
“Beall has a long-standing reputation for industry-leading product designs and quality. 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.”
Commenting on the transaction, President of the Walker Group, Doug Chapple said: “Established in 1905, the Beall brand further enhances our industry-leading liquid tank product lines, which include Walker Transport and Brenner Tank. The addition of Beall’s 406 Petroleum tank trailer and Dry Bulk product line will open up new markets providing the broadest product portfolio in the tank industry and with the addition of production capabilities in Portland, Oregon, creates a truly nationwide footprint.”
The closing of the transaction is subject to the Bankruptcy Court for the District of Oregon entering a final order approving the acquisition by Wabash National pursuant to and in accordance with the definitive agreement.