(RTTNews) - Friday, Coachmen Industries Inc. (COA: News ), a manufacturer of recreational vehicles, systems-built homes and commercial buildings, said Forest River would acquire most of the assets of its Recreational Vehicle or RV Business, including the brands, product lines and central manufacturing operations in Middlebury and dealership in Elkhart, Indiana.
Forest River, also a producer of recreational vehicles and cargo trailers, has agreed to offer continued employment to almost 85% of its RV Group employees in Indiana. Further, Coachmen said, "some will be able to interview with Forest River to explore career opportunities. Others will be transferred to the continuing operations of Coachmen Industries, Inc."
According to Coachmen, the transaction will result in the company emerging as a systems-built housing company with a growing specialty vehicle business and affirmed that its ARBOC Mobility bus previously unveiled during the year will remain with Coachmen Industries
Additionally, Coachmen reassured that its headquarters will remain in the Middlebury/Elkhart area and it would be financially sound with sufficient cash liquidity to not just survive, but to build its profitable housing businesses and continue its diversification into the bus and specialty vehicle transportation industries.
The Stock closed Thursday, at $0.57 on the New York Stock Exchange.
by RTT Staff Writer
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