Bus

Supreme sells shuttle bus assets to Forest River Inc.

Posted on February 28, 2014

Supreme Industries Inc. announced a definitive agreement to sell its shuttle bus assets to Forest River Inc.

In December 2013, management announced Supreme would exit the shuttle-bus business and divest the associated assets. The action is consistent with the company's previously disclosed long-term strategy of focusing on its core work truck and specialty vehicle markets.

Net proceeds from the sale of assets are estimated to be approximately $7 million dependent upon sales of buses prior to close. A modest gain on the sale is anticipated and the proceeds will be used to fund a series of topline growth initiatives, capital expenditures and margin expansion projects. The transaction is expected to close within 30 days.

"The bus market has become increasingly competitive and this business has been unable to achieve our profitable growth objectives," said Mark D. Weber, Supreme's president/CEO. "This divestiture allows us to concentrate our resources on growing our work truck, specialty vehicle and trolley businesses."

Forest River Inc., an Ind.-based Berkshire Hathaway Co., manufactures a full line of transit buses, shuttle buses and tour coaches under the Glaval Bus, Starcraft Bus, Elkhart Coach and Xpress brands.

View comments or post a comment on this story. (0 Comments)

More News

Mass. BRT pilot combines design, art to launch improved experience

Featuring the work of five local artists along the corridor, the pilot aims to bring more efficient and reliable service.

The Rapid adding 16 New Flyer articulated buses

The buses will support Grand Rapids’ second new BRT line, with funding provided by the FTA and the Michigan DOT.

WeGo to pilot tech allowing hybrid buses to convert to battery mode

Select buses will feature the exclusive GPS-based technology from BAE Systems.

Micro Bird's James Mansell discusses new D-Series Electric

METRO spoke to Mansell on the BusCon 2018 show floor about the new vehicle, which was first unveiled at the show.

Mobility, New Vehicles Highlight BusCon 2018

Held once again in Indianapolis, this year's event featured a look at AVs and electric vehicles, as well as new offerings from BYD, MCI, and Micro Bird Commercial.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation