On Friday, truck-trailer maker Wabash National (NYSE:WNC) announced 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.
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