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Jan 25, 2013 9:41 AM

Wabash National Corporation (NYSE: WNC) has entered into a definitive agreement to acquire certain assets of the tank and trailer business of Beall Corporation, a Portland, Oregon-based manufacturer of aluminum tank trailers and related equipment, for approximately $15 million in cash.

The acquisition is expected to close during the first quarter of 2013.

“This acquisition represents the latest step in our ongoing initiative to diversify outside of our core Commercial Trailer Products business,” said Wabash National President and Chief Executive Officer, Dick Giromini. “Additionally, these assets and the Beall brand name strategically complement our Walker Group business through product portfolio expansion and geographic growth in the West.

“Beall has a long-standing reputation for industry-leading product designs and quality. We’re excited about strengthening our tank trailer offering with another premier brand as we continue to identify opportunities to further grow and enhance shareholder value.”

Said Doug Chapple, President of the Walker Group, “Established in 1905, the Beall brand further enhances our industry-leading liquid tank product lines which include Walker Transport and Brenner Tank. The addition of Beall’s 406 Petroleum tank trailer and Dry Bulk product line will open up new markets providing the broadest product portfolio in the tank industry and with the addition of production capabilities in Portland, Oregon, creates a truly nationwide footprint.”

Beall Corporation began Chapter 11 reorganization proceedings in September 2012, followed by a bankruptcy-court approved auction of its assets in December.

Wabash National was the winning bidder for certain assets of Beall’s tank and trailer business, including its Portland, Oregon manufacturing facility, as well as equipment, inventory, certain product designs, intellectual property and other related assets.

The closing of the transaction is subject to the Bankruptcy Court for the District of Oregon entering a final order approving the acquisition by Wabash National pursuant to and in accordance with the definitive agreement.