International buys Workhorse Custom Chassis and Uptime Parts
CHICAGO, (July 8, 2005) — GVW Holdings Corp. announced it has signed an agreement to sell its subsidiaries Workhorse Custom Chassis, LLC and Uptime Parts LLC to International Truck and Engine. The acquisition was signed July 1 and will be completed over the next 30 to 90 days.
Workhorse, located in Union City, Ind., is a major manufacturer of chassis for Class A motor homes, buses and walk-in trucks. Uptime Parts, located in West Chicago, Ill., and Reno, Nev., supplies replacement and aftermarket parts for the RV, truck and bus markets.
GVW will retain its remaining portfolio of companies, which includes Autocar and Union City Body Company (UCBC). In addition, Autocar and UCBC will continue to be close partners with Workhorse and International. It is expected Autocar will continue to assemble the Workhorse R Series diesel chassis and UCBC to be a partner for integrated step-vans.
International will provide management oversight, strategy and administration for Workhorse and Uptime Parts, but both will operate as independent and wholly owned subsidiaries of International. They will retain their present management structure and there are no plans to reorganize, reduce or relocate facilities or staff. Workhorse products will continue to be sold through Workhorse certified up-fitters and dealers and marketed under the
Workhorse brand.
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