ABRC-ESOP
Monday, March 24, 2008
Management Acquires Hannibal Industries from Mitsui USA Utilizing an ESOP
Senior management of Hannibal Industries Inc., led by President Blanton Bartlett, today announced the purchase of the company from Mitsui & Co. (U.S.A.), Inc. (Mitsui USA) through the formation of an Employee Stock Ownership Plan (ESOP). Financial considerations of the transaction were not disclosed.
Hannibal Industries Inc., founded in 1985, has become a premier manufacturer of carbon steel tubing to customers throughout the Western United States. In 2000 the company added a Material Handling division in addition to its Steel Tube division, enabling it to quickly become the largest manufacturer of storage racks and provider of warehouse solutions west of the Rocky Mountains.
“Our team is very excited about the purchase, and enthusiastic about the opportunities ahead,” Bartlett said. “We are grateful to Mitsui USA for its support over the years and delighted that our colleagues, who’ve been so instrumental in Hannibal’s strong performance, will be able to build on the company’s success as owners.”
As for the future, Bartlett said, “Our plan is to concentrate on the two current lines of business and grow through the addition of new product lines and expansion into other areas of the country. Our company is well positioned to implement both current and future business strategies.”
The executive team responsible for the success of the Vernon, CA-based Hannibal under Mitsui USA’s ownership will continue to run the company.
Speaking on behalf of the senior management team, Bartlett added that, “We are gratified that we are able to provide the opportunity of ownership to the employees. Our staff has been one of the primary reasons for our success and we look forward to continuing to improve the value that we offer our employees as well as our customers.”
About Hannibal Industries, Inc.
Hannibal manufactures steel tube and material handling products. The Company is a value added metal fabricator offering custom carbon steel tubing products to original equipment manufacturers (“OEMs”), distributors and retailers in residential construction, automotive, general manufacturing, exercise equipment and other markets. Hannibal is also a leading designer and manufacturer of a wide range of racking products for distribution and retail customers.
Hannibal Industries Inc., founded in 1985, has become a premier manufacturer of carbon steel tubing to customers throughout the Western United States. In 2000 the company added a Material Handling division in addition to its Steel Tube division, enabling it to quickly become the largest manufacturer of storage racks and provider of warehouse solutions west of the Rocky Mountains.
“Our team is very excited about the purchase, and enthusiastic about the opportunities ahead,” Bartlett said. “We are grateful to Mitsui USA for its support over the years and delighted that our colleagues, who’ve been so instrumental in Hannibal’s strong performance, will be able to build on the company’s success as owners.”
As for the future, Bartlett said, “Our plan is to concentrate on the two current lines of business and grow through the addition of new product lines and expansion into other areas of the country. Our company is well positioned to implement both current and future business strategies.”
The executive team responsible for the success of the Vernon, CA-based Hannibal under Mitsui USA’s ownership will continue to run the company.
Speaking on behalf of the senior management team, Bartlett added that, “We are gratified that we are able to provide the opportunity of ownership to the employees. Our staff has been one of the primary reasons for our success and we look forward to continuing to improve the value that we offer our employees as well as our customers.”
About Hannibal Industries, Inc.
Hannibal manufactures steel tube and material handling products. The Company is a value added metal fabricator offering custom carbon steel tubing products to original equipment manufacturers (“OEMs”), distributors and retailers in residential construction, automotive, general manufacturing, exercise equipment and other markets. Hannibal is also a leading designer and manufacturer of a wide range of racking products for distribution and retail customers.
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