Summer continues to be a slow season for transactions in the dealer, aftermarket and supplier sectors of the trucking industry. August had fewer announcements than July.
Most of the action was again found in the vendor space as dealer and aftermarket operations have been mostly absent from the deals market over the summer months.
The first transaction of August was Trane and Thermo King acquiring Klinge, which provides transport container solutions like specialized ISO refrigerated containers. "Klinge is a natural extension of our strategy, and they share a passion for improving lives through innovative, ultra-reliable temperature control solutions. We look forward to working together with the talented Klinge team to accelerate growth, create new value for our respective customers and, above all, ensure communities around the world receive important goods safely and efficiently," said Adam Wittwer, president of Thermo King Americas.
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Next was Shur-Co, which grew with the acquisition of US Tarp, which supports OEM customers in several industries, and aftermarket customers with tarping systems. "US Tarp brings high complementary product lines, supplementing our own cargo covering offerings, and is a natural growth opportunity for our business," said Chad Heminover, CEO of Shur-Co. "With overlapping markets and similar customer bases, this is a great opportunity to continue expanding, backed not only by US Tarp's current offerings, but also the strength of their innovative engineering and development teams."
