Wabash National to Acquire Supreme Industries for $387.5M
Ticker: WNC · Form: 8-K · Filed: Aug 20, 2024 · CIK: 879526
| Field | Detail |
|---|---|
| Company | Wabash National Corp (WNC) |
| Form Type | 8-K |
| Filed Date | Aug 20, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $450,000, $500,000, $555,000 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, truck-bodies, m&a
TL;DR
Wabash National is buying Supreme Industries for $387.5M cash to boost its truck body business.
AI Summary
Wabash National Corporation announced on August 15, 2024, that it has entered into a definitive agreement to acquire substantially all of the assets of Supreme Industries, Inc. for approximately $387.5 million in cash. This acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions. The transaction is anticipated to be accretive to Wabash National's earnings per share in the first full year following closing.
Why It Matters
This acquisition significantly expands Wabash National's market presence and product offerings in the truck body sector, potentially leading to increased revenue and market share.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions and regulatory approvals, which could delay or prevent its completion.
Key Numbers
- $387.5M — Acquisition Price (Cash consideration for Supreme Industries' assets.)
- Q4 2024 — Expected Closing (Anticipated timeframe for the transaction to be finalized.)
Key Players & Entities
- Wabash National Corporation (company) — Acquiring company
- Supreme Industries, Inc. (company) — Acquired company
- $387.5 million (dollar_amount) — Purchase price
- August 15, 2024 (date) — Announcement date
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the primary business of Supreme Industries, Inc.?
Supreme Industries, Inc. is involved in the manufacturing of truck bodies.
What is the total cash consideration for the acquisition?
The total cash consideration for the acquisition is approximately $387.5 million.
When is the acquisition expected to close?
The acquisition is expected to close in the fourth quarter of 2024.
What is the expected impact of the acquisition on Wabash National's earnings?
The transaction is anticipated to be accretive to Wabash National's earnings per share in the first full year following closing.
Are there any specific conditions for the closing of the acquisition?
Yes, the acquisition is subject to customary closing conditions.
Filing Stats: 1,357 words · 5 min read · ~5 pages · Grade level 11.5 · Accepted 2024-08-19 20:56:54
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value WNC New York Stock Exchange
- $450,000 — slin's base salary will be increased to $450,000 per year and his opportunity under the
- $500,000 — "LTI") award for 2025 is expected to be $500,000. Mr. Keslin's base salary, target MIP a
- $555,000 — tinued base salary at an annual rate of $555,000, payable in accordance with the Company
Filing Documents
- wnc-20240815.htm (8-K) — 37KB
- wnc-transitionagreementsmi.htm (EX-10.1) — 40KB
- image_0.jpg (GRAPHIC) — 8KB
- image_1.jpg (GRAPHIC) — 5KB
- 0000879526-24-000040.txt ( ) — 227KB
- wnc-20240815.xsd (EX-101.SCH) — 2KB
- wnc-20240815_lab.xml (EX-101.LAB) — 21KB
- wnc-20240815_pre.xml (EX-101.PRE) — 12KB
- wnc-20240815_htm.xml (XML) — 3KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. EXHIBIT INDEX Exhibit No. Description 10.1 Transition Agreement between Wabash National Corporation and Dustin T. Smith, dated as of August 19, 2024* 10.2 Wabash National Corporation Executive Severance Plan (Incorporated by reference to the Registrant's Form 8-K filed on December 16, 2015 (File No. 001-10883))* 104 Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). *Management contract or compensatory plan SIGNATURE 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. WABASH NATIONAL CORPORATION Date: August 19, 2024 By: /s/ M. Kristin Glazner M. Kristin Glazner Senior Vice President, Chief Administrative Officer, Corporate Secretary