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    Miller Industries Inc (MLR)

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    Miller Industries, Inc. is the world's largest manufacturer of towing and recovery equipment. The company designs, manufactures, and markets a wide range of towing and recovery equipment under several well-recognized brands. They sell products such as wreckers, car carriers, and transport trailers, which are essential for towing and recovery operations globally.

    1. Wreckers - Manufacture vehicles used to recover and tow disabled vehicles and other equipment, ranging from conventional tow trucks to large recovery vehicles with rotating hydraulic booms and lifting capacities of up to 100 tons.
    2. Car Carriers - Produce specialized flatbed vehicles with hydraulic tilt mechanisms that allow towing operators to drive or winch vehicles onto the bed for transport, effective for long-distance transport of new or disabled vehicles.
    3. Transport Trailers - Manufacture a line of transport trailers used in the towing and recovery industry.
    NamePositionExternal RolesShort Bio

    Deborah L. Whitmire

    ExecutiveBoard

    EVP, Chief Financial Officer, and Treasurer

    None

    Joined MLR in 1996; held roles such as VP and Corporate Controller; became CFO in January 2017.

    William G. Miller II

    ExecutiveBoard

    President and Chief Executive Officer

    None

    Joined MLR in 2002; held roles such as Co-CEO, VP of Strategic Planning, and Regional VP of Sales; became CEO in March 2022.

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    Frank Madonia

    Executive

    EVP, Secretary, and General Counsel

    None

    Joined MLR in 1990; promoted to EVP in 1998; oversees legal and corporate governance.

    Jamison Linden

    Executive

    VP and Chief Manufacturing Officer

    None

    Joined MLR in 2004; held roles such as VP of Operations and General Manager; became Chief Manufacturing Officer in January 2021.

    Jeffrey I. Badgley

    Executive

    President of International and Military

    None

    Joined MLR in 1988; served as CEO, Co-CEO, and Vice Chairman; became President of International and Military in March 2022.

    Josias W. Reyneke

    Executive

    VP and Chief Information Officer

    None

    Joined MLR in 1997; implemented ERP systems and held roles such as VP of Operations; became CIO in January 2017.

    Vince Tiano

    Executive

    VP and Chief Revenue Officer

    None

    Joined MLR in 1997; served as VP of Sales before becoming Chief Revenue Officer in January 2021.

    A. Russell Chandler

    Board

    Director

    Chairman of Whitehall Group Ltd.; Director at CoreCard Corporation (NYSE: CCRD)

    Director since 1994; founder of Whitehall Group; extensive leadership and investment experience.

    Javier Reyes

    Board

    Director

    Chancellor of UMass Amherst; Board Member at City Holding Company (NASDAQ: CHCO); Member of TIAA Diversity Advisory Council

    Director since 2023; academic leader with expertise in international trade and workforce development.

    Jill Sutton

    Board

    Director

    Non-Executive Chair at Pitney Bowes Inc. (NYSE: PBI); Board Member at Potbelly Corp. (NASDAQ: PBPB)

    Director since 2023; former Chief Legal Officer at UNFI; expertise in corporate governance and ESG.

    Leigh Walton

    Board

    Director

    Partner at Bass, Berry & Sims PLC

    Director since 2020; over 40 years of experience in corporate governance, M&A, and securities law.

    Peter Jackson

    Board

    Director

    Partner and SVP at Providence Consulting Group LTD

    Director since 2023; nearly 30 years of manufacturing technology experience; expertise in IT transformation.

    Richard H. Roberts

    Board

    Director

    Director at Forward Air Corporation (NASDAQ: FWRD)

    Director since 1994; former Commissioner of the Department of Revenue of Tennessee; legal and financial expertise.

    Susan Sweeney

    Board

    Director

    None

    Director since 2023; former CHRO at Enpro Industries; extensive global leadership and workforce development experience.

    Theodore H. Ashford

    Board

    Lead Independent Director

    CEO of Ashford Capital Management, Inc.

    Director since 2010; elected Lead Independent Director in August 2023; extensive financial and operational expertise.

    William G. Miller

    Board

    Chairman of the Board

    None

    Founder of MLR in 1994; served as CEO, Co-CEO, and President in earlier years; over 30 years of leadership experience at MLR.

    1. "With the slowdown in order intake attributed to timing of OEM chassis deliveries, distributor throughput capacity, and political uncertainty, what specific actions are you taking to address these issues, and how confident are you that backlog will return to historical levels in the next 1-2 quarters? "
    2. "Given that SG&A expenses increased in Q3 due to new compliance and regulations, pushing SG&A as a percentage of net sales above your long-term target of 6.5%, what strategies do you have to control these costs and improve operating leverage in 2025? "
    3. "Gross margins decreased due to product mix shifts and normalization of chassis deliveries; what factors could impact your gross margins going forward, and how do you plan to manage potential fluctuations to maintain profitability? "
    4. "Considering the operational disruptions caused by Hurricane Helen, what risk mitigation plans do you have in place to protect your facilities from future extreme weather events, and how might such events affect your financial performance? "
    5. "You mentioned balancing returning capital to shareholders with potential capacity expansion and debt reduction; how are you prioritizing these capital allocation decisions, and what factors influence your investment in growth opportunities versus shareholder returns? "
    Program DetailsProgram 1
    Approval DateApril 2, 2024
    End Date/DurationNo expiration
    Total Additional Amount$25.0 million
    Remaining Authorization$22.1 million (as of 2024-09-30)
    DetailsDesigned to create shareholder value, reflects confidence in strategy and financial strength, and is part of a broader capital allocation strategy.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Southern Hydraulic Cylinder, Inc.

    2023

    **Miller Industries completed the acquisition on May 31, 2023, at an aggregate purchase price of about $17.8 million—financed through cash on hand and its revolving credit facility—with the deal structure including asset acquisition, assumed liabilities, and $8.976 million in goodwill tied to workforce and synergy expectations. ** The acquisition supports vertical integration, improves supply chain stability by addressing long hydraulic component lead times, and includes $1.7 million in escrow for indemnification obligations while already contributing positively to revenue and earnings.

    No recent press releases or 8-K filings found for MLR.