Reuters: Mergers News: UPDATE 1-Wabash National to buy Walker Group for $360 mln

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UPDATE 1-Wabash National to buy Walker Group for $360 mln Mar 27th 2012, 11:59 Tue Mar 27, 2012 7:59am EDT March 27 (Reuters) - Semi-trailer maker Wabash National Corp said it will buy privately held Walker Group Holdings LLC for $360 million in cash to diversify its business. The acquisition of Walker, which makes engineered products and tanks for transporting liquids, would immediately add to its earnings, Wabash said in a statement on Tuesday. The company said it has received financing commitments from Morgan Stanley and Wells Fargo for up to $450 million. New Lisbon, Wisconsin-based Walker, owned by Insight Equity Holdings, makes stainless steel products for the dairy, chemical, defense and transportation industries. Its revenue in 2011 was $344 million. Wabash, with a market value of $668.2 million, makes refrigerated vans, flatbed trailers and truck bodies, and is one of the top three trailer makers in the United States. The company has been trying to diversify since the economic downturn in 2008 dealt a blow to freight demand and prompted it to suspend dividend. It posted a profit in 2011 after three straight years of losses. Morgan Stanley is acting as exclusive financial adviser to Wabash while Harris Williams is the adviser for Walker. Link this Share this Digg this Email Reprints

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