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

Alexander Dennis' Enviro500 concept bus on display in Singapore

The full low-floor, three-door, two-staircase double-deck bus is being shown at the LTA-UITP Singapore International Transport Congress and Exhibition in Suntec City.

ETA adds Intelligent Transit System to Grand Valley

The new ITS provides Grand Valley with ETA's real-time arrival predictions, fare collection system integration, automatic on-board announcements, and the tools to track and chart system improvements over time.

Proterra names Honeywell, Tesla vet to COO post

Josh Ensign’s track record includes leading global operations for 42 factories in 15 countries and managing the supporting supply chains. 

Nova announces 2 major orders for San Antonio VIA, Houston Metro

The buses will be manufactured in Plattsburgh, state of New York, and the delivery of the vehicles has already begun in Houston.

Driverless bus service in France sets world record

The two electric vehicles, fitted with high-tech equipment including laser sensors, stereo vision and GPS, can ferry around 15 passengers at a top speed of 12 mph.

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



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

Please sign in or register to .    Close