Freightliner sells American LaFrance to Patriarch Partners
Dec 15, 2005 9:43 AM
DaimlerChrysler's Freightliner LLC announced today that it has reached an agreement to transfer ownership of its fire apparatus and emergency vehicles business unit, American LaFrance, to the New York-based investment firm, Patriarch Partners, LLC.
Andreas Renschler, the DaimlerChrysler Board of Management member responsible for the Commercial Vehicles Division, said: "Under the 'Global Excellence' initiative we are reviewing the portfolio of our commercial vehicle businesses and products. The sale of American LaFrance is a result of this process."
American LaFrance is the country's fifth-largest fire and emergency services vehicle producer, with a heritage dating back 173 years. American LaFrance produces and distributes a comprehensive line of fire and emergency apparatus including chassis, aerials, ambulances, pumpers, rescues and tankers.
In addition to the purchase of all operating assets, Patriarch will maintain American LaFrance's manufacturing facilities and corporate-owned dealer locations across the US. The Ladson, S.C., corporate office building and assembly facility is not part of the sale and remains a DaimlerChrysler asset. It will be utilized in part by American LaFrance until 2007.
DaimlerChrysler recently announced it will be dedicating the 460,000-square-foot facility to assembly of the next generation Dodge Sprinter van in response to growing demand in the North American markets. Initially, 220 employees will be engaged in the production process when the plant assembles its first van end of Q4 2006. Through November 2005, 26,000 Sprinter vans were sold in the NAFTA region (full year 2004: 18,900 units).
"Patriarch Partners and its related entities have a successful track record in complex industries and we felt they were a perfect fit with American LaFrance's dedicated workforce and can-do attitude" said Chris Patterson, Freightliner President and CEO. "Patriarch's strategy aligns well with American LaFrance's loyalty and commitment to further increasing customer satisfaction while profitably growing market share and they are well-suited to focus on American LaFrance's core markets."
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