Miller Industries to Acquire Vulcan Equipment for $10.5M

TL;DR

Miller Industries buying Vulcan Equipment for $10.5M, closing Q2 2024.

AI Summary

Miller Industries, Inc. announced on March 27, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of Vulcan Equipment Company, Inc. for a purchase price of $10.5 million. The transaction is expected to close in the second quarter of 2024.

Why It Matters

This acquisition expands Miller Industries' product offerings and market reach in the towing and recovery equipment sector.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks related to integration, market reception, and potential unforeseen liabilities.

Key Numbers

• $10.5 million — Purchase Price (Acquisition of Vulcan Equipment Company, Inc.)

Key Players & Entities

• Miller Industries, Inc. (company) — Acquiring company
• Vulcan Equipment Company, Inc. (company) — Acquired company
• $10.5 million (dollar_amount) — Purchase price
• March 27, 2024 (date) — Agreement date
• second quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share MLR New York Stock Exchange
• $25 million — ogram authorizing the purchase of up to $25 million of the Company's common stock with no e

Filing Documents

• tm2410533d1_8k.htm (8-K) — 22KB
• 0001104659-24-042290.txt ( ) — 190KB
• mlr-20240327.xsd (EX-101.SCH) — 3KB
• mlr-20240327_lab.xml (EX-101.LAB) — 33KB
• mlr-20240327_pre.xml (EX-101.PRE) — 22KB
• tm2410533d1_8k_htm.xml (XML) — 3KB

01. Other Events

Item 8.01. Other Events. On April 2, 2024, Miller Industries, Inc. (the "Company") announced that its Board of Directors approved a new stock repurchase program authorizing the purchase of up to $25 million of the Company's common stock with no expiration date (the "Program"). Repurchases of the Company's common stock under the Program are authorized to take place from time to time through Rule 10b5-1 plans, open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The number of shares to be repurchased and the timing of any repurchases will depend on factors such as share price, economic and market conditions, and corporate requirements, and the Company may choose to suspend or discontinue the Program at any time. This report contains forward-looking information, as that term is defined under the Exchange Act, including information regarding purchases by the Company of its common stock pursuant to any Rule 10b5-1 trading plans. By their nature, forward-looking information and statements are subject to risks, uncertainties, and contingencies, including changes in price and volume and the volatility of the Company's common stock; adverse developments affecting either or both of prices and trading of exchange-traded securities, including securities listed on the New York Stock Exchange; unexpected or otherwise unplanned or alternative requirements with respect to the capital investments of the Company; and those other risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, which discussion is incorporated herein by this reference. Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on be

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Miller Industries, Inc. ( Registrant) By: /s/ Frank Madonia Frank Madonia Executive Vice President, General Counsel and Secretary Dated: April 2, 2024

View Full Filing

View this 8-K filing on SEC EDGAR