Friday, December 19, 2008

 

COACHMAN SHAREHOLDERS OK SALE OF RV GROUP TO FOREST RIVER

Steve Bibler
RV Business
Friday, December 19, 2008

Shareholders of Coachmen Industries Inc. today (Dec. 19) voted overwhelmingly in favor of selling the RV Group to Forest River Inc. for $42 million.

More than 99% of the votes cast were in favor of the sale, according to Tom Gehl, director of investor relations, following a special shareholders meeting. The company has 15.9 million shares outstanding.

The transfer of ownership will occur next week, Gehl said.

Elkhart, Ind.-based Forest River Inc. is acquiring most of the assets of Coachmen’s RV Group, including brands, product lines and central manufacturing operations in Middlebury, Ind.

Forest River, a subsidiary of Berkshire Hathaway Inc., has agreed to retain the majority of Coachmen’s RV work force. Coachmen's modular housing and specialty vehicle operations are not part of the transaction.

The Coachmen acquisition will operate as a separate division of Forest River with a general manager, like its other divisions.

Of the $42 million purchase price, $10 million will be put into an escrow fund to pay for warranty claims. Another $11 million will go to cover accounts payable and other outstanding debt. The sale will net Coachmen at least $21 million, which will help the company become financially sound.

Management decided to spin off the RV Group after concluding that the red ink, which had reached $121 million in pre-tax losses during the last four years, would not stop in the foreseeable future.

The sale provides Coachmen with cash and keeps the company based in Indiana. It will likely move back to its former corporate headquarters in Elkhart, at least temporarily, within 30 days of the closing, Gehl said.

Coachmen will restructure its credit facility with its lead bank after the sale is approved, the company indicated.

 

WALMART TO SELL TOWING PRODUCTS

Greg Gerber of RVINews posted on December 19, 2008 08:52

BLOOMFIELD HILLS, Mich. -- TriMas Corporation today announced that its Cequent Consumer Products Group has been awarded additional towing security and accessory business with Wal-Mart.

Cequent will supply modular towing systems, towing security products and accessories to Wal-Mart throughout the U.S. in 2009.

"We are very excited to be chosen by Wal-Mart as their major supplier for towing security and accessory products," said John Aleva, President of Cequent Consumer Products, a business unit within the Cequent Group at TriMas.

"Cequent has the leading brand in towing, Reese Towpower, and brings more than 50 years' towing experience to its customers," he added. "Our investment in product and packaging innovation and our recent agreement with LifeLong(TM) Locks continue to increase our product value with customers."

SOURCE: Tri-Mas press release

 

ALCOA IS EXITING THE CAST ALUMINUM WHEEL BUSINESS

Greg Gerber of RVINews posted on December 18, 2008 20:02

BELOIT, Wis. -- Alcoa Inc. will close its Beloit aluminum wheel plant that serves the auto industry next year, a move that will result in the loss of about 240 jobs.

The closing was announced today and is expected to take place by June, said Bob Borremans, executive director of the Southwest Wisconsin Workforce Development Board.

The Alcoa Cast Auto Wheels plant, which opened in 1995, serves Ford, General Motors, Chrysler, Honda, Nissan, Jaguar, BMW and Volvo, according to Alcoa's website.

Kevin Lowery, a spokesman for Alcoa, said the business has been hurt by the economic downturn as well as the troubles in the auto industry. Alcoa is planning to exit the cast aluminum wheels business, he said.

SOURCE: Milwaukee Journal

 

AMADAS COACH ACQUIRES FEATHERLITE

RV Business
Thursday, December 18, 2008

Suffolk, Va.-based Amadas Coach has acquired the brands, intellectual property and manufacturing rights of Featherlite Coaches Inc., effective Dec. 17.

Amadas – a builder of luxury motorhomes, executive transporters and luxury commuter coaches – said it will continue the sales, service and warranty support of the Featherlite Coach brand through a network of authorized dealers.

Featherlite Coaches will close out production of its current inventory of new coaches at its headquarters in Sanford, Fla. Amadas will then assume production of the Featherlite Coach product line.

Amadas said Featherlite Coaches will continue as the exclusive dealer for the product in Florida, providing both sales and service.

“We are pleased to put the ample resources and tradition of innovation of the Amadas family of companies behind the Featherlite Coach brand and the loyal family of Featherlite Coach owners," said Jimmy Adams, president of Amadas Coach, noting the company has been in the business of specialty manufacturing since 1963.

Conrad Clement, CEO of Featherlite Coaches, Inc., stated: “We are very pleased to have completed this change of ownership of the Featherlite Coach brand to Amadas Coach. Their company is well positioned to ensure the continuance of the Featherlite Coach brand long term and support our customer base of over 800 coaches on the road today."

 

RECALL: 2004-2007 GLENDALE TRAILERS: DOMETIC REFRIGERATORS

Vehicle Make / Model: Model Year(s):
GLENDALE / GOLDEN FALCON 2004 2006
GLENDALE / TITANIUM 2004-2007
Manufacturer: GLENDALE RECREATIONAL VEHICLES Mfr's Report Date: DEC 03, 2008
NHTSA CAMPAIGN ID Number: 08V661000 NHTSA Action Number: EQ08010
Component: EQUIPMENT:RECREATIONAL VEHICLE
Potential Number of Units Affected: 1665
Summary:
GLENDALE RV IS RECALLING 1,665 MY 2004 AND 2006 GOLDEN FALCON, MY 2004-2007 TITANIUM FIFTH WHEEL AND TRAVEL TRAILERS EQUIPPED WITH A TWO-DOOR REFRIGERATOR MANUFACTURED BY THE DOMETIC CORPORATION. THE REFRIGERATOR MAY HAVE A DEFECT IN THE BOILER TUBE. PRESSURIZED COOLANT SOLUTION COULD BE RELEASED INTO AN AREA WHERE AN IGNITION SOURCE (GAS FLAME) IS PRESENT.
Consequence:
RELEASE OF COOLANT UNDER CERTAIN CONDITIONS COULD IGNITE AND RESULT IN A FIRE.
Remedy:
GLENDALE RV WILL BE WORKING WITH DOMETIC IN ORDER TO REPAIR THESE REFRIGERATORS (PLEASE SEE 08E032). DOMETIC WILL REPAIR THESE REFRIGERATORS BY INSTALLING A SECONDARY BURN HOUSING, A THERMAL FUSE, AND A MELT FUSE FREE OF CHARGE. DOMETIC HAS RETAINED STERICYCLE INC. TO MANAGE THIS CAMPAIGN. STERICYCLE WILL ASSIST THE OWNER IN LOCATING DEALERSHIPS OR SERVICE CENTERS AND WILL PROVIDE ASSISTANCE WITH SCHEDULING OF APPOINTMENTS. OWNERS MAY CONTACT DOMETIC/STERICYCLE AT 1-888-446-5157 OR GLENDALE RV AT 1-519-245-1600.
Notes:
CUSTOMERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .

 

RECALL: 2005-2006 WARRIOR BLOOMER/ELITE TRAILERS: DOMETIC REFRIGERTORS

Vehicle Make / Model: Model Year(s):
WARRIOR / BLOOMER 2005-2006
WARRIOR / ELITE 2005-2006
Manufacturer: WARRIOR INDUSTRIES Mfr's Report Date: NOV 13, 2008
NHTSA CAMPAIGN ID Number: 08V655000 NHTSA Action Number: EQ08010
Component: EQUIPMENT:RECREATIONAL VEHICLE
Potential Number of Units Affected: 21
Summary:
WARRIOR INDUSTRIES IS RECALLING 21 MY 2005-2006 ELITE AND BLOOMER TRAILERS EQUIPPED WITH A TWO-DOOR REFRIGERATOR MANUFACTURED BY THE DOMETIC CORPORATION. THE REFRIGERATOR MAY HAVE A DEFECT IN THE BOILER TUBE. PRESSURIZED COOLANT SOLUTION COULD BE RELEASED INTO AN AREA WHERE AN IGNITION SOURCE (GAS FLAME) IS PRESENT.
Consequence:
RELEASE OF COOLANT UNDER CERTAIN CONDITIONS COULD IGNITE AND RESULT IN A FIRE.
Remedy:
WARRIOR INDUSTRIES WILL BE WORKING WITH DOMETIC IN ORDER TO REPAIR THESE REFRIGERATORS (PLEASE SEE 08E032). DOMETIC WILL REPAIR THESE REFRIGERATORS BY INSTALLING A SECONDARY BURN HOUSING, A THERMAL FUSE, AND A MELT FUSE FREE OF CHARGE. DOMETIC HAS RETAINED STERICYCLE INC. TO MANAGE THIS CAMPAIGN. STERICYCLE WILL ASSIST THE OWNER IN LOCATING DEALERSHIPS OR SERVICE CENTERS AND WILL PROVIDE ASSISTANCE WITH SCHEDULING OF APPOINTMENTS. OWNERS MAY CONTACT DOMETIC/STERICYCLE AT 1-888-446-5157 OR WARRIOR INDUSTRIES AT 1-254-965-6686.
Notes:
CUSTOMERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .

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