International buys Workhorse
Jul 5, 2005 6:51 PM
Union City, IN-based GVW Holdings Corp. (GVW) is selling its Workhorse Custom Chassis and Uptime Parts subsidiaries to Warrenville, IL-based International Truck and Engine Corp. The deal is expected to be finalized within three months.
Workhorse builds truck chassis for the motor home, light bus and walk-in truck markets, while Uptime Parts, based in West Chicago, IL, and Reno, NV, supplies replacement and aftermarket parts for Workhorse.
Andrew Taitz, chairman & CEO of GVW Holdings, said his company still plans to retain its Autocar and Union City Body Co. (UCBC) subsidiaries. “Our business model has always been to create value in specialized niche automotive markets, and this transaction allows us to offer more resources in support of that vision at Autocar and UCBC,” he said, noting that Autocar and UCBC will continue to work with both 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,” Taitz said.
International plans to provide management oversight, strategy and administration for Workhorse and Uptime Parts, but operate them as independent wholly owned subsidiaries. The present management structure will stay, with no plans to reorganize, reduce or relocate facilities or staff, the company said. International also noted that Workhorse products will continue to be sold through Workhorse certified up-fitters and dealers and marketed under the Workhorse brand.
Taitz said discussions with International grew out of Workhorse’s desire to integrate International’s VT 275 V6 diesel engine into its new W42 commercial chassis for walk-in trucks, which goes into production later this year.
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