Thor Industries To Sell Bus Business To Allied Specialty Vehicles For $100 Mln

(RTTNews) - Recreation vehicle manufacturer Thor Industries Inc. (THO) has agreed to sell its bus business to Allied Specialty Vehicles for $100 million in cash, as it plans to focus on its core recreation vehicle (RV) business.

The company expects to close the sale by November 1, 2013, subject to customary closing conditions.

"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 Orthwein, Thor Chairman.

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 about $450 million for the fiscal year ended July 31, 2013.