Fleetwood Completes Sale of Its RV Manufacturing Business; New Owner to Locate HQ in Indiana
7/20/2009 9:33:00 AM
(Decatur, Indiana) - PRNewswire-FirstCall/ -- RV and manufactured homes producer Fleetwood Enterprises Inc. (OTC:FLTWQ) (BULLETIN BOARD: FLTWQ) has completed the $33.2 million bankruptcy sale of its RV business to American Industrial Partners Capital Fund IV L.P, which will locate the new headquarters here in Decatur.
The new company name will be Fleetwood RV Inc.
At the same time, Fleetwood terminated about 700 employees associated with the RV portion of its business. The new owners are expecting to hire about 650 employees over the next several weeks.
The sale includes two motor home manufacturing facilities, two motor home service facilities, and Fleetwood's Gold Shield supply subsidiary, all presently located in Decatur, Indiana. It also includes the intellectual property for Fleetwood's existing motor home brands and certain machinery and equipment in Riverside, California.
Fleetwood Enterprises continues to own two idled motor home plants in Pennsylvania and California, although the Riverside, Calif. plant will be operated temporarily by AIP under license.
American Industrial Partners was founded in 1989 and is a US based private equity firm that makes control equity investments, in partnership with management, in well positioned US headquartered industrial companies with leading market shares that can benefit from the firm's systematic approach to implementing strategic and operational improvements.
For more information about the firm visit www.aipartners.com
Following the sale of its motorized recreational vehicle business, Fleetwood Enterprises, Inc. and its various subsidiaries continue to produce, distribute, and service manufactured housing. Fleetwood continues to employ approximately 1,100 people in 11 plants located in nine states. Fleetwood's products are primarily marketed through an extensive dealer network throughout the United States and Canada. The company is headquartered in Riverside, California.
For more information about Fleetwood visit http://www.fleetwood.com/