GVW Holdings Corp has signed an agreement to sell its subsidiaries Workhorse Custom Chassis LLC and Uptime Parts LLC to International Truck and Engine Corp, an operating company of Navistar International Corp. The acquisition agreement was signed July 1 and will be completed over the next 30 to 90 days.
Workhorse, based in Union City IN, manufactures chassis for Class A motor homes, buses and walk-in trucks. Uptime Parts, based in West Chicago IL and Reno NV, supplies replacement and aftermarket parts for the RV, truck and bus markets Workhorse serves.
GVW will retain its remaining portfolio of companies, which includes Autocar and Union City Body Co (UCBC).
Andrew Taitz, chairman and chief executive officer of GVW, said, “Autocar and UCBC will continue to be close partners with Workhorse and International. In fact, we are planning for Autocar to continue to assemble the Workhorse R Series diesel chassis and for UCBC to be a partner for integrated step-vans.”
International will provide management oversight, strategy, and administration for Workhorse and Uptime Parts, but both will operate as independent and wholly owned subsidiaries of International. They will retain their present management structure and there are no plans to reorganize, reduce, or relocate facilities or staff. Workhorse products will continue to be sold through Workhorse certified upfitters and dealers and marketed under the Workhorse brand.