Spartan Motors Sells Road Rescue Assets to a Subsidiary of Allied Specialty Vehicles for $8 Million

Spartan Motors, Inc. (Nasdaq: SPAR) today announced the sale of the assets of its Road Rescue ambulance business for $8 million.  The purchaser, a subsidiary of Allied Specialty Vehicles, Inc., received substantially all of Road Rescue’s assets, including the trade names and intellectual property associated with the business.  The transaction was effective today, Sept. 20, 2010.

John Sztykiel, President and CEO of Spartan Motors, said: “With this sale, we are delivering on the commitments we made when we announced our exit from the Road Rescue business.  After weeks of hard work and negotiations, we are pleased to come to an agreement to sell the assets of Road Rescue to a company dedicated to the ambulance business.  We can now look forward to what the future holds for Spartan Motors as we focus on Emergency Response and leverage the strengths of our two great brands, Crimson Fire and Spartan Chassis.”

Spartan Motors expects to record the sale in the third quarter with no material impact on its financials, pending final inventory and purchase price adjustments for working capital.

About Spartan Motors

Spartan Motors, Inc. ( designs, engineers and manufactures specialty chassis, specialty vehicles and truck bodies and aftermarket parts for the firefighting, outdoor recreation/RV, emergency-response, defense, government services, and delivery and service markets. 

No posts to display