Hendrickson has agreed to acquire the Motor Wheel Brake Drum and Crewson slack adjuster business segments from Stemco and parent company EnPro Industries.
The business segments will operate as a division of Hendrickson Truck Commercial Vehicle Systems. The Motor Wheel and Crewson names will be kept and used as a product name going forward.
“This acquisition will provide a platform for Hendrickson to advance our lightweight drum brake system performance and provide components that will complement our existing product portfolio,” said Gary Gerstenslager, president and CEO of Hendrickson, in a release.
“We are pleased to know that these storied product offerings will continue to operate at a high level,” said Stemco President Eric Vaillancourt in a news release.
Stemco has been working to revamp its product portfolio and refocus its efforts on its core product offering of wheel-end and kingpin product lines.
In June, Stemco announced that it would exit the brake products category, discontinue the Motor Wheel brake drum and Crewson brake adjuster product offering, sell the Lunar air disc brake product line and manufacturing facility, and no longer distribute Stemco Gaff Polyurethane products. The company earlier this month announced the sale of its Goodyear licensed air springs product line to Turnspire Capital Partners.
Marvin Riley, president and CEO of Stemco parent company EnPro, said in a release, “the sale of this business supports our journey of reshaping our portfolio towards businesses with compelling margins, leading technology, and high cash flow return on investment in markets with favorable secular tailwinds; maintaining a balanced approach to capital allocation; increasing aftermarket exposure and recurring revenue opportunities; and leveraging the EnPro Operating System for continuous improvement to increase margins and cash flow return on investment."
Stemco acquired Motor Wheel Commercial Vehicle Systems in 2012.
The sale is expected to close in the third quarter of 2020 and is subject to typical closing conditions.