Weller Truck Parts president John Weller says he has agreed to sell his company to Jasper Engine and Transmission Exchange.
A letter of intent to purchase Weller Truck Parts has been signed by all parties the two companies confirmed this week, adding both companies will remain an independent.
Weller says his family is proud of the company they have built and “we want to make sure we have a good plan for the future of our Weller team and the Weller brand,”
In joining with Jasper, Weller says all employees and associates will become partners with Jasper Engine and Transmission 100 percent associate-owned ESOP.
“That means all of our people will become owners in this new venture,” he says.
Paul and John Weller will remain on-staff in their current leadership roles.
The transaction is expected to close in the spring of 2014, and both Weller and Jasper will begin working more closely together.
Weller Auto will continue to be owned by the Weller family.