ASV Buying Thor’s Bus Biz
Thor Industries, Inc. whose transit and shuttle buses businesses include Champion Bus, Inc., General Coach America, Inc., Goshen Coach, Inc., El Dorado National California, Inc., and El Dorado National Kansas, Inc., said it has entered a definitive agreement to sell its bus business to Allied Specialty Vehicles (ASV) for $100 million in cash, subject to closing adjustments.
Thor's bus business had sales of approximately $450 million for the fiscal year ended July 31, 2013. The sale is subject to customary closing conditions and is expected to be completed by November 1, 2013.
"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.