"I am very excited to bring these two Indiana companies together," said Fred Merritt, Riverside Manufacturing's chief executive officer.
"I see a unique opportunity for the two of us to do together what we could never do apart - to become the world's largest and best manufacturer of electrical components for all military and specialty vehicles."TST
is a leader in innovative custom electronic panels and object detection sensors for the transportation industry.It designs and manufactures some of the most advanced electronic controls and safety systems for commercial delivery, local service and emergency and utility service fleet vehicles.Terms of the acquisition, prepared by local law firm Bakers & Daniels LLP, show that TST will maintain its 34,000-sq., ft. facility in Indianapolis and its 26,000-sq. ft. assembly plant in Fort Payne, AL. Riverside Manufacturing CEO Fred Merritt will become CEO of the consolidated enterprise and split time between the Fort Wayne, IN and Indianapolis offices.Riverside Manufacturing
, founded in 1947, is a leader in the manufacture and assembly of lighting, electrical and electro-mechanical products for harsh environments and military applications.Purchased in 2002 by Merritt
, the company has grown from annual revenue of $5 million with 35 employees to $43 million with 330 employees in the past five years.