Wabash National divests UK subsidiary
LAFAYETTE, Ind. (Inside INdiana Business) — Lafayette-based Wabash National Corp. (NYSE: WNC) is offloading a subsidiary based in the United Kingdom. The semi-trailer manufacturer has sold Extract Technology to Switzerland-based Dietrich Engineering Consultants SA, though financial terms of the deal were not disclosed.
Extract Technology was part of Wabash National’s Diversified Products Group segment. Wabash National brought the company into its portfolio when it acquired Walker Group Holdings in 2012.
Extract Technology is a supplier of containment and aseptic systems for the pharmaceutical, healthcare, biotech and chemical markets. Mike Pettit, chief financial officer for Wabash National, says the deal is part of the company’s refined focus on the transportation, logistics and distribution industries.
“Although Extract Technology is an excellent business, its solutions and customers do not align with our core markets,” said Pettit. “We believe the Extract team and its customers will thrive with DEC because it is dedicated to investing in the broader pharmaceutical and medical industries.”
Pettit says the sale, along with Wabash National’s previous divestiture of Beall Tank Trailers, will allow the company to support strategic growth initiatives.