Today's Pickup: Spartan Motors To Focus On Commercial, Last-Mile Delivery Business
Good day, Spartan Motors (NASDAQ: SPAR ), best known as a specialty body builder, has sold its Emergency Response (ER) segment so it can focus efforts on its commercial and retail vehicle industries, which include the Utilimaster brand of van bodies. Spartan sold the ER business, which includes purpose-built fire truck bodies, to REV Group Inc . (NYSE: REVG ) for $55 million in cash. The transaction has been unanimously approved by the company's board of directors. As part of the transaction, Spartan has sold the Spartan name to REV and will rebrand its remaining business in the months ahead. "The divestiture of the ER business unit will give us the speed and flexibility needed to further focus on accelerating growth and profitability in our commercial, fleet, delivery and specialty vehicles markets where we see the biggest opportunity to generate higher returns," said Daryl Adams, president and CEO. "By freeing up additional resources and capital to better serve our target markets and make additional strategic investments, we can continue to evolve to meet the needs of our customers and provide long-term value to our shareholders." Spartan's commercial business includes work truck bodies as well as Utilimaster and Royal Truck Bodies.
Today's Pickup: Spartan Motors To Focus On Commercial, Last-Mile Delivery Business
Good day, Spartan Motors (NASDAQ: SPAR ), best known as a specialty body builder, has sold its Emergency Response (ER) segment so it can focus efforts on its commercial and retail vehicle industries, which include the Utilimaster brand of van bodies. Spartan sold the ER business, which includes purpose-built fire truck bodies, to REV Group Inc . (NYSE: REVG ) for $55 million in cash. The transaction has been unanimously approved by the company's board of directors. As part of the transaction, Spartan has sold the Spartan name to REV and will rebrand its remaining business in the months ahead. "The divestiture of the ER business unit will give us the speed and flexibility needed to further focus on accelerating growth and profitability in our commercial, fleet, delivery and specialty vehicles markets where we see the biggest opportunity to generate higher returns," said Daryl Adams, president and CEO. "By freeing up additional resources and capital to better serve our target markets and make additional strategic investments, we can continue to evolve to meet the needs of our customers and provide long-term value to our shareholders." Spartan's commercial business includes work truck bodies as well as Utilimaster and Royal Truck Bodies.