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.
For further details see:
Miller Industries acquires Southern Hydraulic Cylinder for $17.5M in cash