News Release Issued: May 16, 2013 (8:45am EDT)
Navistar Sells Recreational Vehicle Business
Sale Represents Another Important Step in Company’s Turnaround Plan
LISLE, Ill., May 16, 2013 /PRNewswire/ — Navistar, Inc., confirmed today thatAllied Specialty Vehicles (ASV), a leading $1 billion sales producer of specialty vehicles to the Fire & Emergency, Commercial & Industrial and recreational vehicles markets worldwide, has purchased certain assets of Navistar RV, a leading manufacturer of motorized and towable recreational vehicles, which includes the Monaco®, Holiday Rambler™ and R-Vision™ brands.
The purchase was structured as a purchase of all of the equity interests of Navistar RV and includes the manufacturing operations for Navistar’s R-Vision and Holiday Rambler towable units in Harrisburg, Ore. and Navistar’s Monaco and Holiday Rambler brand motorized RVs in Wakarusa, Ind. ASV has also entered into a multi-year leasing agreement for Navistar RV’s Elkhart, Ind., facility. The sale does not include Bison Coach, Navistar’s horse trailer manufacturing business.
“We continue to focus on our North America core businesses and the sale of Navistar RV represents another important step in our Return-On-Invested-Capital review process,” said Jack Allen, Navistar chief operating officer. “These are three strong brands with world-class products and ASV will be able to create more value in the business than we could ourselves.”
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines and IC Bus™ brand school and commercial buses. The company’s subsidiaries and affiliates also produce truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at www.Navistar.com/newsroom.
SOURCE Navistar International Corporation