NEWS RELEASES
Editor's Note: This news item was retrieved and first published through Trailer Body Builder's website.
Spartan Motors recently agreed to sell its emergency response (ER) segment to REV Group in a $55 million transaction. The company said the final price is subject to a net working capital adjustment, and assumed certain liabilities of the ER vehicle segment. As part of the transaction, REV also purchased the rights to the “Spartan” brand name.Trailer Body Builders staff relay in their article, the ER business unit generated revenue of approximately $253.3 million for the 12 months ending Sept 30, 2019, Spartan CEO Daryl Adams said. Proceeds from the sale, effective Feb 1, 2020, will be initially used to pay down debt and support working capital requirements. “The divestiture of the ER business unit will give us the speed and flexibility needed to further focus on accelerating growth and profitability in our commercial, fleet, delivery and specialty vehicles markets, where we see the biggest opportunity to generate higher returns,” commented Daryl.
Visit the Spartan Motors website for more information.