ORLANDO, Fla., July 31, 2013 /PRNewswire/ -- Allied Specialty Vehicles (ASV) today announced that it has entered a definitive agreement to acquire the bus business of Thor Industries, Inc. (NYSE:THO) for $100 million in cash, subject to closing adjustments. The transaction is subject to customary closing conditions and is expected to be completed by November 1, 2013.
Thor's bus business includes Champion Bus, Inc., General Coach America, Inc., Goshen Coach, Inc., El Dorado National California, Inc., and El Dorado National Kansas, Inc., which combined represent one of the largest producers of transit and shuttle buses in North America with bus segment sales of approximately $450 million for the fiscal year ended July 31, 2013.
"We are excited to add the Thor bus business to our diverse line-up of specialty vehicles," said Peter Guile, President and CEO of Allied Specialty Vehicles. "We view the opportunity to expand our business into the transit and shuttle bus markets as a key initiative in broadening our markets and providing products that meet the needs of our dealers and end consumers and we are eager to welcome these new bus brands to the ASV family."
"Although the bus business has been a valuable part of Thor, this transaction allows us to focus on maintaining and growing our leadership position in our core recreation vehicle (RV) business," said Peter B. Orthwein, Thor Chairman.Thor will continue to own and operate the bus business until the closing date of the sale. Allied Specialty Vehicles (ASV)ASV is a +$1 billion manufacturer comprised of industry leading brands serving Fire & Emergency, Recreational and Commercial vehicle markets. Within the Fire & Emergency segment ASV offers a full line of Fire Apparatus and Ambulances. Within the Recreational Vehicle the company produces motorized RV's under many of the industry's most iconic brands. The Commercial segment produces school buses, terminal trucks and sweeper vehicles. For more information, visit us at www.alliedsv.com.
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