ITASCA, Ill. - Gary Gerstenslager, president and chief operating officer of Hendrickson, announced that the company on Jan. 5 finalized its acquisition of the US and Canadian trailer axle manufacturing assets of Dana Corporation.
The transaction included Hendrickson acquiring the operations and assets at the Dana trailer axle manufacturing plant in Lugoff, S.C. In addition, Hendrickson also purchased certain trailer axle manufacturing assets, including inventory from Dana Canada Corporation's facility in Barrie, Ontario, Canada. The total purchase price, after inventory adjustment was $26.5 million.
Gerstenslager added that a Hendrickson International Corporation affiliate also established a $2 million escrow for the purchase of certain trailer axle production equipment, inventory and related assets from Dana's Chinese subsidiary in Wuxi, China. Hendrickson plans to close on the purchase of the Chinese assets by the end of the first quarter.
Gerstenslager stated, "The purchase of these assets not only allows Hendrickson entry into the loose axle business but helps to firm up the foundation of our core trailer suspension business while expanding our footprint in the global marketplace."
Hendrickson, a Boler company, is one of the largest global suppliers of truck and tractor suspensions, trailer suspensions, truck and trailer lift axles, bumpers and trim components and springs to the commercial transportation industry. Headquartered in Itasca, Ill., Hendrickson has been meeting the needs of the transportation industry for more than 90 years. Visit the Hendrickson Web site at www.hendrickson-intl.com.
Ralph E. Norton