Thor Purchases Assets of Federal Coach
JACKSON CENTER, Ohio, Dec. 20, 2012 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) today announced that its Champion Bus, Inc. (Champion) subsidiary has purchased the bus operation assets of Federal Coach for $6.8 million in cash. Champion plans to move the assets and begin production of Federal Coach buses at its Imlay City, Mich. production facility in early calendar 2013. Federal Coach is a premier luxury bus manufacturer, producing a full line of shuttle, executive and limousine buses ranging in capacity from 12 to 44 passengers with annual sales of approximately $25 million. Thor's Bus Group generated net sales of approximately $444.9 million in the fiscal year ended July 31, 2012.
"We are pleased to add the Federal Coach line of luxury buses to our family of brands," said Andrew Imanse, Thor Bus Group President. "The addition of the Federal Coach line offers Thor's Bus Group both potential operating synergies and access to important markets within the industry. The purchase of the Federal Coach assets, like the purchase of the assets of Krystal Infinity, LLC, dba, Krystal Enterprises in September 2012, brings an upscale, high-end retail product that complements our existing product lines, including Champion's Defender, Crusader and Challenger bus lines."
Thor is the sole owner of operating subsidiaries that, combined, represent the world's largest manufacturer of recreation vehicles, and is a major builder of commercial buses and ambulances.
This release includes certain statements that are "forward looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, price fluctuations, material or chassis supply restrictions, legislative and regulatory developments, the costs of compliance with increased governmental regulation, legal issues, the potential impact of increased tax burdens on our dealers and retail consumers, lower consumer confidence and the level of discretionary consumer spending, interest rate increases, restrictive lending practices, recent management changes, the success of new product introductions, the pace of acquisitions, cost structure improvements, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2012 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended October 31, 2012. We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in our expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based except as required by law.
SOURCE Thor Industries, Inc.