MLR - Miller Industries acquires Southern Hydraulic Cylinder for $17.5M in cash

2023-06-01 12:02:24 ET

• Miller Industries ( NYSE: MLR ) has acquired Southern Hydraulic Cylinder, in an all-cash transaction for an aggregate purchase price of ~$17.5M , subject to certain pre- and post-closing adjustments for cash and net working capital.
• The acquisition will help bolster the Company's efforts to improve the stability of its supply chain and is expected to be accretive within the first year.
• Southern Hydraulic Cylinder has a strong heritage within the region, and as fellow members of the greater Chattanooga community, it will work together to promote economic growth in the area.
• "While this acquisition is immaterial to our consolidated financial results, the sourcing flexibility this acquisition provides us should have a positive impact on our ability to deliver finished goods to our customers, reduce our inventory balance and execute against our record backlog." said CEO, William G. Miller.

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