Wabash Buys Beall Assets for $15 Million
On Friday, truck-trailer maker Wabash Nationalannounced that it has entered into a definitive agreement to purchase certain assets of Portland, Ore.-based Beall as part of that company's Chapter 11 bankruptcy proceeding.
Wabash won the bidding for these properties, which include the Beall brand name, a manufacturing facility, and also equipment, inventory, product designs, and intellectual-property rights, in a court-supervised auction of Wabash's assets held in December.
Assuming the court approves the auction results, Wabash will pay $15 million cash in a transaction slated to close later this quarter and will add the Beall brand to its existing lines of Walker Transport and Brenner Tank liquid tanks.
Wabash National shares rose 5.8% in response to the news, closing at $10.49 Friday.
The article Wabash Buys Beall Assets for $15 Million originally appeared on Fool.com.Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.