(Trailer Technician) — Vanguard National Trailer Corporation announced today that it has completed the acquisition of substantially all of the assets of HPA Monon Corporation, a semi-trailer and chassis manufacturer.
Vanguard National is a subsidiary of CIMC USA Inc., which is a wholly owned subsidiary of China International Marine Container Group Ltd.
“This acquisition is an important step in implementing CIMC’s global transportation equipment growth strategy,” stated Charles Zhuang, president of CIMC USA. “Vanguard National Trailer will be a new entrant in the U.S. trailer manufacturing industry specializing in dry van trailers.
“We anticipate making additional investments at the Monon location in the coming months with the objective of creating a highly efficient transportation equipment manufacturing operation.
“CIMC appreciates the assistance that it has received from the White County Industrial Foundation and the Indiana Department of Commerce,” Charles Zhuang continued. “Their help has been essential to our success in this acquisition. They have demonstrated a sustained commitment to the reopening of the Monon facility. We look forward to working with their organizations in the future.”
Cinda Kelley, director of the White County Industrial Foundation, confirmed the importance of this acquisition for the economy of White County.
“White County welcomes Vanguard National to Monon,” Kelley noted. “White County, in particular the community of Monon, has been hit very hard over the last year and half with consolidations and bankruptcy closings.
“We are confident the opportunities CIMC USA brings to White County and our dislocated workers will create a lasting change for those who are employed in this industry. It is the intent of the White County Industrial Foundation to bring new manufacturing to our county that could offer longevity, stable employment, and the strength and knowledge to be successful in a fluid market.
“We believe CIMC exceeds our expectations and will be a strong community partner.”
“The investment by CIMC and the jobs that it will create are a welcome addition to the Indiana economy,” said Lieutenant Governor Joe Kernan, who leads the state’s economic development efforts as director for the Indiana Department of Commerce. “Indiana’s a great place to do business, and with White County’s skilled workforce, Vanguard National can look forward to a bright future.”
Vanguard National has targeted production for the Monon location at up to 10,000 units per year by the third year of operations.
“Vanguard National’s objective is to begin production of trailers later in 2003 after the planned initial plant modifications have been completed,” Richard Dessimoz, president of Vanguard National Trailer, said. “We anticipate further investments in plant improvements and the introduction of new products as Vanguard continuously strives to improve manufacturing efficiency and product quality.
“We are optimistic that the U.S. trailer manufacturing industry, which has operated at depressed levels for over three years, will rebound in the coming years.”
CIMC is a global transportation equipment manufacturer specializing in marine containers, trailers, chassis and airport equipment. It is the world’s largest producer of marine containers, including dry van, refrigerated, tank and specialty units.
CIMC is headquartered in Shenzhen, China. Its shares are publicly traded on the Shenzhen Stock Exchange.