- Transaction of non-core asset provides increased financial flexibility
- Progress Tank and Garsite businesses will continue operations under AFI Partners as Garsite Progress, LLC
LAFAYETTE, Ind., Jan. 22, 2019 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE: WNC), a diversified industrial manufacturer and a leading producer of semi-trailers, truck bodies and liquid transportation systems, today announced it is selling its Aviation and Truck Equipment (AVTE) business to Garsite Progress, LLC, an entity formed by AFI Partners, a New York-based private equity firm, with the transaction effective today.
AVTE, based in Kansas City, Kansas, was added to Wabash National’s Diversified Products Group portfolio via the acquisition of Walker Group Holdings in 2012. AVTE includes the Progress Tank brand of truck-mounted tanks for fuels, oil and waste, as well as Garsite branded aircraft refueling equipment. Both businesses will continue operations under ownership of AFI Partners.
“Today’s announcement reflects our ongoing commitment to assuring we maintain a portfolio of businesses that align with our growth strategy,” said Brent Yeagy, president and chief executive officer. “After an extensive evaluation of our AVTE business, the divestiture will create value for investors by streamlining our portfolio and giving us increased financial flexibility to strengthen our balance sheet, return capital to shareholders and pursue future strategic M&A.”
About Wabash National Corporation
Headquartered in Lafayette, Indiana, Wabash National Corporation (NYSE: WNC) is a diversified industrial manufacturer and a leading producer of semi-trailers, truck bodies and liquid transportation systems. Established in 1985, the Company manufactures a diverse range of products including: dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, intermodal equipment, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment. Its innovative products are sold under the following brand names: Wabash National®, Beall®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Extract Technology®, Supreme®, Transcraft®, Walker Engineered Products, and Walker Transport. Learn more at www.wabashnational.com.
Safe Harbor Statement
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 about the Company’s proposed sale of certain assets of Wabash National Corporation to AFI Partners and the timing of the anticipated transaction. Forward-looking statements convey the Company’s current beliefs, expectations or forecasts of future events but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or actions to differ materially from what is expressed or implied by these statements. All statements contained in this press release other than statements of historical fact are forward-looking statements. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, the satisfaction of conditions to closing the transaction and the time and resources required to do so, competitive developments, and conditions in each of the companies’ industries. Readers should review and consider the various disclosures made by the Company in this report and in the Company’s other reports to its stockholders and periodic reports on Forms 10-K and 10-Q and the risk factors discussed in the Company’s filings with the U.S. Securities and Exchange Commission.
Director, Corporate Communications
Director, Investor Relations
Source: Wabash National Corporation