Navistar sells its RV business
Terms of the sale were not disclosed.
Parting ways with its Monaco, Holiday Rambler and R-Vision recreational vehicle businesses and a collection of brands including Beaver and Safari, is another step in Navistar’s divestment of non-core business assets in the company’s quest to restore profitability “and the sale of Navistar RV represents another important step,” Chief Operating Officer Jack Allen said in a statement.
In the last nine months, Navistar has made agressive maneuvers to halt financial losses, including a change in upper management. Troy Clarke was named chief executive officer in March, replacing interim Lewis Campbell, who replaced the ousted Dan Ustian last year.
As part of the purchase agreement, Allied Specialty Vehicles will lease a Navistar recreational vehicle facility in Elkhart, Ind.
The sale doesn’t include Bison Coach, Navistar’s horse trailer manufacturing division.
Mike Snell, President of Monaco and Holiday Rambler, will transition with the new ownership group.
“We join the ASV family fully energized with worthy goals and high hopes as we jointly work to rebuild our iconic and proud RV industry brands,” he says.
Speculation began earlier this year that Navistar was looking to shed its RV assets.