Monday, February 05, 2007
MONACO AND INTERNATIONAL TO PARTNER UP ON CHASSIS/ENGINE PRODUCTION
WARRENVILLE, IL - International Truck and Engine Corporation (NYSE:NAV) recently announced it has signed a definitive agreement to form a joint venture with Monaco Coach Corporation (NYSE: MNC) to manufacture rear engine diesel chassis.
Under the joint venture agreement, International will own 51 percent and Monaco Coach will own 49 percent of the newly formed company called Custom Chassis Products LLC. Initial plans call for the joint venture to manufacture more than 5,000 diesel chassis in the first year.
The transaction, which will be subject to customary closing conditions, is expected to close in February. The joint venture will begin production in February, and Monaco Coach Corporation will lease its 210,000 square foot Roadmaster chassis plant, located in Elkhart, Ind. to the joint venture.
Under the joint venture agreement, International will own 51 percent and Monaco Coach will own 49 percent of the newly formed company called Custom Chassis Products LLC. Initial plans call for the joint venture to manufacture more than 5,000 diesel chassis in the first year.
The transaction, which will be subject to customary closing conditions, is expected to close in February. The joint venture will begin production in February, and Monaco Coach Corporation will lease its 210,000 square foot Roadmaster chassis plant, located in Elkhart, Ind. to the joint venture.
