Navistar International Corp. said Thursday the company has sold its recreational vehicle business to Allied Specialty Vehicles.
Cutting its ties with its Monaco, Holiday Rambler and R-Vision recreational vehicle businesses and a collection of brands including Beaver and Safari, is another step in Navistar’s divestment of non-core business assets in the company’s quest to restore profitability “and the sale of Navistar RV represents another important step,” Chief Operating Officer Jack Allen said in a statement.
As part of the purchase agreement, Allied Specialty Vehicles will lease a Navistar recreational vehicle facility in Elkhart, Ind.
The sale doesn’t include Bison Coach, Navistar’s horse trailer manufacturing division.
Speculation began earlier this year that Navistar was looking to shed its RV assets.
Terms of the sale were not disclosed.