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. 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 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’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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