US based truck maker Navistar has sold its recreational vehicle business to Allied Specialty Vehicles for undisclosed sum, as part of company’s plan to focus on its core business.
The business includes the manufacturing facilities of Navistar's R-Vision and Holiday Rambler towable units located in Harrisburg, Oregon and Monaco and facilities in Wakarusa, Indian which manufactures Holiday Rambler brand motorized RVs.
Allied Specialty Vehicles which manufactures specialty vehicles for the fire and emergency, commercial and industrial, and recreational vehicles markets said the acquisition also includes brands including Beaver and Safari among others.
Both the companies have not disclosed the details of the deal; however Navistar said deal will be structured as a purchase of all of the equity interests of Navistar RV.
Navistar chief operating officer Jack Allen said that that the company will continue to focus on North America core businesses and the sale of Navistar RV represents another important step in its Return-On-Invested-Capital review process.
"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," Allen said.
Navistar will continue to operate Bison Coach, horse trailer manufacturing business as they are not part of the deal.
Allied Specialty Vehicles has also signed a multi-year lease agreement with Navistar for its Navistar RV's Elkhart facility in Indiana.
The company has appointed Mike Snell as President of Monaco and Holiday Rambler.
