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Trinity Industries Acquire Holden America For $70M Initial Purchase Price

Benzinga · 01/06/2023 08:32
  • Trinity Industries Inc (NYSE:TRNhas acquired Holden America, a manufacturer of multi-level vehicle securement and protection systems, gravity-outlet gates, and gate accessories for freight rail in North America.
  • The initial purchase price totals $70 million, with an additional minimum of $5 million per year for the next two years.
  • The acquisition strengthens Trinity's position as a manufacturer of autoracks in North America.
  • "This acquisition fits well into our strategy to increase exposure to less cyclical and higher margin aftermarket parts, giving us more opportunities to serve our customers and diversify our revenue stream," said CEO Jean Savage.
  • The acquisition closed on December 30, 2022, and is not expected to be material to Trinity's results.
  • Trinity will retain all of the employees of Holden as part of the transaction.
  • The company held $58.5 million in cash and equivalents as of September 30, 2022.
  • Price Action: TRN shares closed lower by 1.44% at $29.50 on Thursday.
  • Photo Via Company