INDIANAPOLIS--(BUSINESS WIRE)--Riverside Manufacturing, known for harsh environment electrical products and engineering announced it has acquired Transportation Safety Technologies (TST), a leader in innovative electronic solutions for the commercial and emergency transportation industry. Riverside acquired TST from international investment firm Arcapita, which purchased TST in 2000. Financial terms of the deal are not disclosed.
"I am very excited to bring these two Indiana companies together,” said Fred Merritt, Riverside Manufacturing Chief Executive Officer. “I see a unique opportunity for the two of us to do together what we could never do apart -- to become the world’s largest and best manufacturer of electrical components for all military and specialty vehicles.”
TST has built quite a reputation among its customers over the last 35 years and has provided products to some of the most well known companies in the industry, including Lifeline Emergency Vehicles, Altec Industries, VT Leeboy, Oshkosh, Heil Environmental Corp, SYSCO and Terminix.
TST is a leader in innovative custom electronic panels and object detection sensors for the transportation industry. It designs and manufactures some of the most advanced electronic controls and safety systems for commercial delivery, local service and emergency and utility service fleet vehicles.
Terms of the acquisition, prepared by local law firm Bakers & Daniels LLP, show that TST will maintain its 34,000 square foot facility in Indianapolis, Indiana and 26,000 square foot assembly plant in Fort Payne, Alabama. Riverside Manufacturing CEO Fred Merritt will become CEO of the consolidated enterprise and split time between the Fort Wayne and Indianapolis offices.
Riverside Manufacturing, founded in 1947, is a leader in the manufacture and assembly of lighting, electrical and electro-mechanical products for harsh environments and military applications. Purchased in 2002 by Merritt, the company has grown from annual revenue of $5 million with 35 employees to $43 million with 350 employees in the past five years.
Combined, Riverside Manufacturing and TST are set to yield a value of more than $100 million by 2009. The combined company currently employs more than 500 employees, and annual revenue exceeds $60 million.
For more information about TST, visit www.tst-corp.com. A joint Web site will be accessible in the near future.
About Riverside Manufacturing, Inc.
The company was founded in 1947 and purchased by Fred Merritt as sole owner in 2002. Since its purchase, the company has grown from 35 employees to 330 and from $5 million to $47 million. The company is a leading contract supplier specializing in wire harnesses, LED lighting, panel assembly, cables, switches and electro-mechanical products and produces more than 200 products nationwide. For press inquires, contact Liza Dittoe of Dittoe Public Relations at 317-202-2280 or firstname.lastname@example.org.
About Transportation Safety Technologies, Inc.
Since 1968, Indianapolis-based TST has led the design and manufacture of a wide array of electronic components for the transportation industry. With two ISO-9001 Certified manufacturing facilities, the company designs, manufactures, and sells vehicle safety and control products designed to save lives, avoid injuries, reduce operating costs, and improve operator control. For more information, visit www.tst-corp.com.