RE: UPDATE ON NAVSTAR PURCHASE OF MONACO
Done deal: Navistar completes purchase of Monaco for $47 million
Greg Gerber posted on June 04, 2009 09:41
WARRENVILLE, Ill. -- Navistar International Corporation announced today that an affiliate has completed the purchase of certain assets of the recreational vehicle manufacturing business of Monaco Coach Corporation. The 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 Coach Corporation, one of the nation’s leading recreational vehicle manufacturers, filed 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.
Purchasing the Monaco Coach Corporation assets out of bankruptcy allowed the assets, inventory and intellectual property to be purchased for a significant discount, while not assuming the liabilities of Monaco Coach. Facilities included in the purchase are located in Coburg, Ore.; Harrisburg, Ore.; Wakarusa, Ind., and; Milford, Ind.
Production at Monaco Coach Corporation was halted prior to the bankruptcy filing and Navistar said that Monaco RV will resume production at certain facilities in the coming months.
“Providing the RV market with the right vehicles at the right time will be Monaco RV’s first order of business,” added Allen. “Our management teams will spend these first few weeks ramping up the business at a pace commensurate with demand.”
Although the new company is not liable for any product sold by Monaco Coach Corporation prior to the purchase by Navistar, customer service representatives will be available to aid RV owners in providing service and support for their vehicles. Owners with questions should call 877.4MONACO for assistance.
Navistar announced on March 26 that it entered into a non-binding agreement to purchase certain Monaco Coach Corporation assets and would work through the bankruptcy court to purchase the assets. United States Bankruptcy Court for the District of Delaware, Bankruptcy Judge Kevin J. Carey approved a final Sale Order on May 22.
RE: UPDATE ON NAVSTAR PURCHASE OF MONACO
Monaco RV
www.Monaco-Online.com
New to the Navistar family, Monaco RV, LLC, is one of the largest manufacturers of recreation vehicles with legendary brand names like Monaco® and Holiday Rambler®. Our goals are to build homes on wheels that are innovative, dependable and competitively priced -- while offering a lifestyle for customers that exceeds their dreams. Ride along with us, or be a part of us as we continue to strive for many future successes.
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