DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE:TRN) today announced that it has acquired the assets of WesMor Cryogenic Companies (“WesMor”) through a newly formed subsidiary. WesMor specializes in the manufacturing, repair, and rehabilitation of cryogenic containers that store and transport LNG and other industrial gases with initial expected annual revenues of approximately $25 million. The transaction includes the acquisition of a manufacturing facility in La Porte, Texas and three service facilities located in La Porte; Slidell, Louisiana; and Port Washington, Ohio.
“We are very excited to add WesMor to our portfolio of companies. They are an ideal fit bringing strong competencies and industry expertise that Trinity can further leverage,” said Timothy R. Wallace, Trinity’s Chairman, CEO, and President. “As a result of the energy renaissance occurring in North America, we are seeing increasing demand opportunities to provide cryogenic storage and transportation products serving the oil, gas, and chemical markets. We continue to invest resources to identify and pursue opportunities to add new businesses to our portfolio that enhance our competencies, complement our product offering, and expand our reach in the markets we are pursuing,” added Mr. Wallace.
“WesMor’s expertise and products align very well with our strategy of expanding our Energy Equipment Group’s product offering and services. Further expansion in the cryogenic containers market is an ideal product extension for Trinity given the various storage and transportation applications these containers have within the oil, gas, and chemical markets,” said William A. McWhirter II, Trinity Industries, Inc. Senior Vice President and Construction, Energy, and Inland Barge Group President. “The manufacturing process utilizes many of Trinity’s existing competencies, and we will add value as a result of our scale and manufacturing experience. We have a strong interest in growing and expanding our product lines in the cryogenic industry,” added Mr. McWhirter.
The assets and results of operations for the WesMor acquisition will be reflected in the Energy Equipment Group for financial reporting purposes. The Company will provide more details concerning the acquisition and financial impact on its upcoming fourth quarter conference call.
Trinity Industries, Inc., headquartered in Dallas, Texas, is a diversified industrial company that owns market-leading businesses which provide products and services to the energy, transportation, chemical and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment Group. For more information, visit: www.trin.net.
Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements. Trinity uses the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” and similar expressions to identify these forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Forward-Looking Statements” in the Company's Annual Report on Form 10-K for the most recent fiscal year.