Navistar (NAV) Subsidiary Completes Acquisition of Monaco Coach Assets for $47 Million
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Navistar International Corporation (NYSE: NAV) announced that an affiliate has completed the purchase of certain assets of the recreational vehicle (RV) manufacturing business of Monaco Coach Corporation (Other OTC: MCOAQ). Purchase price is approximately $47 million.
"Navistar's entry into the RV business through the purchase of certain Monaco Coach assets fits our strategy of leveraging our assets to expand our diesel business, serve the end customer through robust parts and service, and will complement our Workhorse chassis business," said Jack Allen, president of Navistar's North American truck group. "The Monaco brand is a market leader with a strong reputation and Navistar is pleased to add it to our portfolio of leading brands and businesses."
Monaco Coachfiled for Chapter 11 bankruptcy relief last March 5 in the District of Delaware. Headquartered in Coburg, Ore., the company had manufacturing facilities in Oregon and Indiana and its RV offerings ranged from entry-level priced towables to custom-made luxury models under the Monaco, Holiday Rambler, Safari, Beaver, McKenzie and R-Vision brand names.
The new company, named Monaco RV LLC, will be a wholly-owned affiliate of Navistar Inc., Navistar's principal operating company, and headquartered in Coburg, Ore. [SM]
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