Hanover-based R.H. Sheppard Co. sold for $149.5M
A German manufacturer has completed its $149.5 million purchase of Hanover’s R.H. Sheppard Co. Inc.
“The acquisition of Sheppard marks another important step in Knorr-Bremse’s strategic drive to become a leading global supplier of commercial vehicle steering systems following its earlier acquisition of the Hitachi steering business in 2019,” Munich-based Knorr-Bremse said in a news release Tuesday.
R.H. Sheppard, founded in 1937, has a workforce of approximately 875 employees. The company supplies components for the trucking and transportation industry worldwide.
The transaction was handled by Bendix Commercial Vehicle Systems in Elyria, Ohio, a member of Knorr-Bremse and a part of its commercial vehicle systems division.
R.H. Sheppard will continue as an operating division of Bendix and retain use of the Sheppard brand name. The operational transition is expected to take 18 to 24 months to complete.
“We now begin our post-merger integration (PMI) effort,” Bendix spokesperson Barbara L. Gould said in an email. “Until further notice, it will be ‘business as usual’ for our employees, our customers, and our suppliers.
“Our PMI team, comprised of Bendix and Sheppard employees, has a goal to make a good business even better.”
In 2019, R.H. Sheppard generated sales of about $142 million, the release said. The company was previously owned by Wabco Holdings Inc., which paid $145 million for the company in August 2017.
— Ron Musselman can be reached at email@example.com or via Twitter at @ronmusselman8.