In an effort to improve its supply chain, Miller Industries Inc. announced Wednesday it is buying Southern Hydraulic Cylinder Inc. of Athens, Tennessee, for $17.5 million.
The Ooltewah-based tow truck maker said the purchase of Southern Hydraulic Cylinder will provide manufacturing and supplies of custom-built, welded hydraulic cylinders used in a variety of industries and should help boost company earnings within the first year of the acquisition. Crimping Tool
Hydraulic component parts like those made at Southern Hydraulic Cylinder have had the longest lead times in the production process of Miller, William G. Miller II, the company's chief executive, said. Miller Industries is the world's biggest manufacturer of tow truck and towing equipment with annual sales in 2022 of $915.2 million.
"This is a significant step in improving the security of our supply chain through vertical integration," Miller said in an announcement Wednesday.
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