CHARLOTTE, Mich., Jan. 3, 2017 /PRNewswire/ -- Spartan Motors, Inc. (NASDAQ: SPAR) ("Spartan" or the "Company"), a global leader in specialty chassis and vehicle design, manufacturing, and assembly, today announced its wholly-owned subsidiary, Spartan Motors USA, Inc., has completed the previously announced acquisition of Smeal Fire Apparatus Co. ("Smeal") and its subsidiaries effective January 1, 2017. Smeal, an industry-leading innovator and manufacturer of fire apparatus in North America, was acquired for approximately $36.3 million (subject to a customary net working capital adjustment), the Company's forgiveness of certain liabilities owed by Smeal to the Company, and a subsequent tax gross-up payment, which is expected to be more than offset by tax benefits accruing to the Company.
Smeal generated 2016 revenues of approximately $100 million, which includes approximately $30 million of Spartan chassis sold to Smeal. The newly combined Spartan Emergency Response business unit will rank as one of the top-four North American fire apparatus manufacturers in an increasingly consolidating industry. With its expanded geographic reach spanning 44 states in the U.S., 10 provinces and 3 territories in Canada, the Company is even better positioned to deliver a robust and respected portfolio of leading products, services, and technologies to its broad range of customers, including original equipment manufacturers and dealers.
"This transaction marks a significant event for our Company, and we are excited to add Smeal's industry-leading product portfolio and manufacturing expertise to Spartan Motors," said Daryl Adams, President and Chief Executive Officer of Spartan Motors. "The addition of Smeal complements our own Spartan Emergency Response business unit while also allowing us to provide an expanded, innovative product offering to both new and existing customers. We expect the transaction to be accretive to 2017 earnings and accelerate the turnaround of the Spartan Emergency Response business unit."
About Spartan Motors
Spartan Motors, Inc. is a leading designer, engineer, manufacturer and marketer of a broad range of specialty vehicles, specialty chassis, vehicle bodies and parts for the fleet and delivery, recreational vehicle (RV), emergency response, defense forces and contract assembly (light/medium duty truck) markets. The Company's brand names— Spartan Motors, Spartan Specialty Vehicles, Spartan Emergency Response, Spartan Parts and Accessories, and Utilimaster®, a Spartan Motors Company— are known for quality, durability, performance, customer service and first-to-market innovation. The Company operates facilities in Michigan, Indiana, Pennsylvania, Kansas, Wisconsin, Nebraska, South Dakota, Saltillo, Mexico; and Lima, Peru. Spartan reported sales of $550 million in 2015. Visit Spartan Motors at www.spartanmotors.com.
About Smeal
Smeal, including U.S. Tanker Co. and Ladder Tower Co., is recognized as a premier manufacturer, inventor and innovator of customized fire apparatus. The company offers a full line of custom and commercial pumpers, stainless steel tanker, aerial ladders, platforms, TDA's and wildland urban interface vehicles (WUI). Smeal is committed to leading the industry in high quality fire apparatus, delivery times and customer experience. Smeal sells its products worldwide and is based in Snyder, Neb. To learn more, visit smeal.com
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Posted: Jan 3, 2017
The Spokane Fire Department is reminding the public about the importance of functioning smoke detectors after crews extinguished a fire in Northeast Spokane early Tuesday morning.
SFD responded to a report of a structure fire near East Nebraska Avenue and North Helena Street.
The two occupants of the home told fire officials they were alerted to the fire by the smell of smoke.
- PUB DATE: 1/3/2017 8:53:19 AM - SOURCE: KREM-TV CBS 2
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