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Management Team Acquires Hannibal Industries from Mitsui USA

03/25/2008 - Senior managers of Hannibal Industries have purchased the company from Mitsui USA through formation of an Employee Stock Ownership Plan; terms of the transaction were not disclosed.

Senior managers of Hannibal Industries Inc. have purchased the company from Mitsui & Co. (USA), Inc. through formation of an Employee Stock Ownership Plan (ESOP). Terms of the transaction were not disclosed.
 
Hannibal Industries Inc., founded in 1985, manufactures carbon steel tubing to customers throughout the Western United States. The company is 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,” said President Blanton Bartlett. “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.”
 
Looking forward, 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 current executive team will continue to run the company. Speaking on their behalf, Bartlett added, “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.”
 
Vernon, Calif., based Hannibal Industries manufactures steel tube and material-handling products. The company, a value-added metal fabricator, offers custom carbon steel tubing products to original equipment manufacturers, distributors and retailers in a wide range of markets. The company also designs and manufactures racking products for distribution and retail customers.