Calling it “another important step in the company’s turnaround plan,” Navistar Inc. announced today it has sold certain assets of its Navistar RV operation to Allied Specialty Vehicles (ASV).
Navistar RV manufactures motorized and towable recreational vehicles, including the Monaco, Holiday Rambler and R-Vision brands.
According to Navistar, 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, OR, and Navistar's Monaco and Holiday Rambler brand motorized RVs in Wakarusa, IN.
ASV has also entered into a multi-year leasing agreement for Navistar RV's Elkhart, IN, 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 COO.
"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," he added.
Navistar described ASV as a “leading $1-billion sales producer of specialty vehicles to the fire & emergency, commercial & industrial and recreational vehicles markets worldwide.”
“ASV is honored to welcome all of the existing Monaco, Holiday Rambler, R-Vision, Beaver and Safari customers and an exceptional network of dealer partners to the ASV family,” said Peter Guile, CEO of ASV. “The ASV team is committed to providing our customers and dealers with exceptional product, service and support, and we are fully committed to re-establish the product leadership and extraordinary reputation for innovation, quality and service for which the Monaco family of brands has been known.”
