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

METRO launches submissions process for Innovative Solutions Awards

This is a great opportunity to highlight the successes of your bus operation or company.

STV|DPM relocates Connecticut bus facility

Through a management contract with Connecticut Department of Transportation, NET provides public bus transit services in the greater Waterbury, Meriden, and Wallingford areas.

California's NCTD implements bus stop optimization program

Approximately 90 bus stops were identified for removal or consolidation based on the review.

MCI names service center manager for Bay Area

Brian Jablonski will be responsible for keeping the year-old Hayward center at full capacity.

New Flyer to supply up to 170 artics for NJ TRANSIT

The agency currently operates over 1,000 transit buses manufactured by North American Bus Industries, which was acquired by New Flyer in 2013.

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