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Spartan Motors to acquire Smeal
From the SpartanERV website:
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I just came across some exciting news from Spartan Motors' recent announcement. They’ve made a big move by acquiring Smeal Fire Apparatus Co., a major player in the fire apparatus industry. This acquisition is expected to significantly boost Spartan's emergency response division and help them achieve their turnaround goals.
According to the press release, Spartan Motors, through its subsidiary Spartan Motors USA, Inc., has agreed to purchase Smeal for $36.3 million. This deal comes with a few conditions, like adjustments for net working capital, the forgiveness of certain liabilities, and a tax-related payment. However, these costs are anticipated to be offset by various tax advantages. The deal is supposed to close early next year, pending routine closing formalities.
Smeal has been doing impressive business, with projected 2016 revenues around $100 million, including about $30 million worth of Spartan chassis sold to Smeal. Once combined, Spartan’s emergency response segment will become one of the top four fire apparatus manufacturers in North America.
Daryl Adams, CEO of Spartan Motors, expressed enthusiasm about this move, saying it strengthens their product lineup and brings new capabilities. He mentioned how this acquisition aligns perfectly with their long-term partnership with Smeal, which has spanned over three decades. The integration of Smeal’s advanced technologies and manufacturing expertise will undoubtedly give Spartan a competitive edge in an increasingly consolidated market.
Rod Cerny, Smeal’s chairman, echoed similar sentiments, emphasizing how joining forces with Spartan will ensure continued innovation and uphold the high standards set by the Smeal brand. Smeal is known for its innovative products like aerial ladders and tankers, and their presence spans multiple locations across Nebraska, Wisconsin, and Pennsylvania.
The acquisition is expected to contribute positively to Spartan’s earnings in 2017, thanks to operational efficiencies and cost synergies. With Smeal, Spartan gains access to a robust network of dealers spread across 44 states, 10 provinces, and 3 territories, making their service even more accessible nationwide.
This move seems like a smart strategic play for Spartan Motors. It not only strengthens their position in the fire apparatus sector but also opens up new opportunities for growth and expansion. I’m curious to see how this collaboration develops and impacts the industry moving forward.
To learn more about this acquisition, you can check out the official details at www.spartanmotors.com/smeal. I think this could be a game-changer for both companies!
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This version maintains the core information but presents it in a more conversational tone, as if written by someone reflecting on the event. I've added some extra context to push the word count above 500 characters.