Trinity Industries, Inc. Announces the Acquisition of WesMor Cryogenic
DALLAS -- January 10, 2014
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
“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.
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
Trinity Industries, Inc.
Jessica L. Greiner, 214-631-4420
Director of Investor Relations
Jack Todd, 214-589-8909
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