Friday, November 28, 2008
Fleetwood Enterprises, Inc. (NYSE: FLE) announced today the consolidation of several manufacturing facilities in coordinated actions designed to match current production to market demand and improve capacity utilization.
The Company has notified its associates of the closures at its manufactured housing plants in Woodland, Calif.; Auburndale, Fla.; Willacoochee, Ga.; Benton, Ky.; and Pembroke, N.C. All of these plants will work through the orders they currently have and will begin transitioning production to some of the remaining 13 Fleetwood Housing Group facilities. They are expected to close within approximately 60 days. The Company's Trendsetter Homes plant in Douglas, Ga., which is one of two producing modular housing, will also be closed, effective immediately.
Impending closure announcements were also made at Fleetwood's travel trailer manufacturing centers in Crawfordsville, Ind. and Mexicali, Mexico. After the transition, all of the Company's travel trailers and fifth wheels will be produced in its three existing plants in Ohio and Oregon.
"In the current economic climate, it is essential that we match our production to demand," said Elden L. Smith, Fleetwood's president and chief executive officer. "With 13 remaining housing plants and three travel trailer plants, we can continue to service all our existing dealers and the markets in which we currently operate. As difficult as it is to make decisions like these that impact the lives of our valued associates, we must position Fleetwood to operate profitably under the present and foreseeable business circumstances. We believe that these moves, in conjunction with the previously announced consolidation of two motor home plants, other significant cost-saving measures, and our proposed balance sheet restructuring, will enable us to weather the current economic crisis."
The Company will work to place a limited number of associates within the organization, but it is expected that most of the jobs will be permanently lost. Assistance will be provided to all affected associates in cooperation with state and local agencies.
FLEETWOOD RAISES SOME MORE CASH
Binswanger brokers $4.8M property sale to Sumner County Board of Education in Gallatin, Tenn.
(Nov. 27, 2008) Fleetwood Homes of Tennessee Inc. announces sale of 184,845 sq. ft. building with acreage to Sumner County of Tennessee Board of Education.
Fleetwood Press Release
Atlanta -On behalf of the seller, Fleetwood Homes of Tennessee Inc., Binswanger is pleased to announce the multi-million dollar sale of a 184,845 sq. ft. building with acreage to Sumner County of Tennessee Board of Education.
The buyer plans to utilize the facility for their school bus maintenance operations.
Fleetwood ceased its mobile home manufacturing operations at the Gallatin plant in early 2008.
FLEETWOOD'S FINANCIAL PLAN
RIVERSIDE, Calif. -- Fleetwood Enterprises, Inc. (NYSE:FLE) announced today that it has revised the terms of its registered exchange offer, originally announced on October 30, 2008, for its existing $100 million principal amount of 5% convertible senior subordinated debentures.
Under the revised terms, which are designed to simplify the tender process, there will no longer be an escalation in the consideration offered based on the level of participation, but instead holders who opt to participate in the exchange offer will now receive the following fixed consideration for each $1,000 in principal amount of debentures tendered:
$1,030 in new senior secured notes, which are (1) senior obligations of Fleetwood, (2) secured by a first priority lien on approximately $20 million of unencumbered real estate assets of certain Fleetwood subsidiaries and a junior lien on approximately $58 million of certain of Fleetwood's subsidiaries' real properties that are pledged to secure its credit facility, (3) guaranteed on a subordinated basis to Fleetwood's credit facility by certain Fleetwood subsidiaries, and (4) due three years from the date of issuance.
With a coupon rate of 14 percent consisting of:
5 percent interest payable in cash, plus
9 percent pay-in-kind interest (PIK interest); plus
140 shares of Fleetwood common stock (assuming that the average price of the common stock during the relevant 20 trading day period is at or below $0.75 per share); together with
the payment of accrued and unpaid interest for any debentures accepted in the exchange offer.
In connection with these revised terms, Fleetwood is filing an amendment to the registration statement on Form S-4 previously filed on October 30, 2008. The exchange offer is being extended and is now scheduled to expire at 5 p.m. EST, Dec. 11, 2008. To date, there have not been any debentures tendered into this exchange offer. Concurrently, Fleetwood is filing an amendment to its registration statement on Form S-4 previously filed on Nov. 6, 2008, with respect to its repurchase obligation on Dec. 15, 2008. If holders tender their debentures pursuant to the company's repurchase obligation, they will receive only shares of common stock.
SOURCE: Fleetwood press release
IT WAS WORSE 30 YEARS AGO
ELKHART COUNTY, Ind. -- Elkhart County unemployment spiked this year as recreational-vehicle manufacturers and suppliers closed and laid off workers.
An economic downturn affecting what is known as “the RV capital of the world” is not new. And according to indicators, so far, it’s not as bad as the downturn Elkhart weathered 30 years ago.
Wholesale RV shipments turned lower over the last year and a half as gas prices skyrocketed and the credit crisis took hold. But shipments this year are expected to remain higher than 2001, the most recent low point.
Al Hesselbart, historian at the RV-MH Hall of Fame in Elkhart, said the downturn clearly is not as bad as one that occurred in the late 1970s.
“In the late ’70s, early ’80s unemployment was in the 20- to 21-percent range throughout Elkhart industry,” Hesselbart said. “When you need food stamps to go to the grocery store it’s bad. But everyone on the block is not in that situation.”
Nonseasonably adjusted unemployment rates in August and September of this year were more than double 2007 figures. The October unemployment rate reached 10.7 percent, the highest in the state, according to the Indiana Department of Workforce Development.
RV shipments dropped 9.5 percent in 2007 from the previous year, ending a five-year streak of increases. Shipments are expected to be 266,800 this year, which would be the lowest amount since 2001, when 256,800 units shipped and the industry was experiencing another downturn.
Economic-development agencies in Elkhart County want to recruit other industry clusters to the area so it is not so dependent on manufacturing, which is about 50 percent of the county’s economy. A regional marketing group is in the works to sell Elkhart, Kosciusko, Marshall and St. Joseph counties in Indiana, as well as three neighboring counties in southern Michigan to companies looking to move or expand.
The RV industry, which attracts more than its share of publicity, amounts to only 8 percent of Elkhart County’s manufacturing base. As they work to diversify the economy, county officials still want to ensure the RV industry does not die.
SOURCE: Fort Wayne Daily News
RECALL: 2009 FLEETWOOD ICON & PULSE MOTOR HOMES: PROPANE HOSE
FLEETWOOD / ICON 2009
FLEETWOOD / PULSE 2009
Manufacturer: FLEETWOOD ENTERPRISES, INC. Mfr's Report Date: NOV 21, 2008
NHTSA CAMPAIGN ID Number: 08V620000 NHTSA Action Number: N/A
Component: EQUIPMENT:RECREATIONAL VEHICLE:LPG LINES AND FITTINGS
Potential Number of Units Affected: 106
FLEETWOOD IS RECALLING 106 MY 2009 ICON AND PULSE 24A MOTOR HOMES. THE PROPANE HOSE CONNECTIONS MAY BE INSTALLED IN A POSITION THAT CAUSES THEM TO BECOME PINCHED AGAINST THE PROPANE TANK.
THIS MAY RESULT IN DAMAGE TO THE PROPANE HOSE OR FITTINGS AND COULD LEAD TO A PROPANE GAS LEAK AND THE POTENTIAL FOR AN EXPLOSION AND/OR FIRE.
DEALERS WILL INSPECT AND, IF NECESSARY, REPOSITION THE CONNECTIONS FOR THE PROPANE HOSES. PROPANE HOSES WILL BE INSPECTED AND REPLACED IF DAMAGED. THE RECALL IS EXPECTED TO BEGIN DURING DECEMBER 2008. OWNERS MAY CONTACT FLEETWOOD AT 1-800-322-8216.
FLEETWOOD RECALL NO. 81120. CUSTOMERS MAY 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: 2007-2009 PREVOST MOTOR HOME: POWER STEERING HOSE
PREVOST / X3-45 2007-2009
PREVOST / XLII-45 2007-2009
PREVOST / XLII-45E 2007-2009
Manufacturer: PREVOST CARS, INC. Mfr's Report Date: NOV 14, 2008
NHTSA CAMPAIGN ID Number: 08V610000 NHTSA Action Number: N/A
Component: STEERING:HYDRAULIC POWER ASSIST:HOSE, PIPING, AND CONNECTIONS
Potential Number of Units Affected: 395
PREVOST IS RECALLING 395 MY 2007-2009 MTH XL2-45, MTH XL2-45E, AND X3-45 MOTOR HOMES AND MOTOR COACHES. ON SOME VEHICLES, THE POWER STEERING HOSE PROTECTIVE SKIN HAS BEEN DAMAGED AT ASSEMBLY, LEAVING THE METAL BRAIDING EXPOSED TO THE ENVIRONMENT.
OVER TIME, THE METALLIC BRAIDING MAY RUST UP TO A POINT WHERE THE HOSE WILL GIVE UP UNDER PRESSURE. THIS COULD RESULT IN A LOSS OF CONTROL INCREASING THE RISK OF A CRASH.
DEALERS WILL REPAIR THE POWER STEERING HOSE ASSEMBLY. THE RECALL IS EXPECTED TO BEGIN DURING NOVEMBER 2008. OWNERS MAY CONTACT PREVOST AT 1-418-831-8432.
PREVOST RECALL NO. SR08-22. CUSTOMERS MAY 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.
Wednesday, November 26, 2008
RECALL: 2008 WINNEBAGO ADVENTURER LIMITED MOTOR HOMES: WINDSHIELD WIPERS MAY FAIL
WINNEBAGO / ADVENTURER LIMITED 2008
Manufacturer: WINNEBAGO INDUSTRIES, INC. Mfr's Report Date: OCT 01, 2008
NHTSA CAMPAIGN ID Number: 08V606000 NHTSA Action Number: N/A
Component: VISIBILITY:WINDSHIELD WIPER/WASHER:LINKAGES
Potential Number of Units Affected: 68
WINNEBAGO IS RECALLING 68 MY 2008 ADVENTURER LIMITED MOTOR HOMES. THE WINDSHIELD WIPERS MAY FAIL TO OPERATE PROPERLY.
INOPERATIVE WIPERS UNDER INCLEMENT WEATHER CONDITIONS COULD CAUSE IMPAIRED VISIBILITY, WHICH HAS THE POTENTIAL TO RESULT IN PERSONAL INJURY AND/OR VEHICLE AND PROPERTY DAMAGE.
DEALERS WILL INSPECT THE WINDSHIELD WIPER SYSTEM AND, IF REQUIRED, WILL INSTALL NEW WIPER LINKAGE FROM THE WIPER MOTOR TO THE PIVOT ASSEMBLIES. THE RECALL IS EXPECTED TO BEGIN DURING NOVEMBER 2008. OWNERS MAY CONTACT WINNEBAGO AT 1-641-585-3535.
WINNEBAGO RECALL NO. 110. CUSTOMERS MAY 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: 2001-2008 MCI MOTOR COACHES: ZF TRANSMISSIONS: KEYPAD/CELLPHONE INTERFERENCE
MCI / D4005 2002-2008
MCI / D4505 2002-2008
MCI / E4500 2001-2008
MCI / J4500 2001-2008
Manufacturer: MOTOR COACH INDUSTRIES, INC Mfr's Report Date: NOV 07, 2008
NHTSA CAMPAIGN ID Number: 08V603000 NHTSA Action Number: N/A
Potential Number of Units Affected: 1893
MCI IS RECALLING 1,893 MY 2002-2008 D MODEL AND MY 2001-2008 E AND J4500 MOTOR COACHES EQUIPPED WITH ZF TRANSMISSIONS. THERE IS A POTENTIAL FOR THE SHIFT SELECTOR TO MALFUNCTION AS A RESULT OF A CELL PHONE OR RADIO BEING PLACED IN CLOSE PROXIMITY TO THE SHIFTER CONTROL PAD.
WHEN THIS HAPPENS, THE SHIFT SELECTOR MAY MOVE INTO REVERSE WITHOUT DRIVER KNOWLEDGE INCREASING THE RISK OF A CRASH.
MCI IS WORKING WITH ZF AND HAS CREATED A SOFTWARE UPDATE THAT PROTECTS AGAINST THE POTENTIAL FOR TRANSIENT ANALOG OR DIGITAL SIGNAL INTERFERENCE. THE RECALL IS EXPECTED TO BEGIN DURING NOVEMBER 2008. .OWNERS MAY CONTACT MCI AT 1-800-333-0371 AND ZF AT 1-734-416-6200.
MCI RECALL NO. 308. 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.
Tuesday, November 25, 2008
FEMA SEEKING BIDS ON MAKING 15,000 MORE TRAVEL TRAILERS
WASHINGTON -- The Department of Homeland Security, Federal Emergency Management Agency, Disaster Assistance Section announced Saturday it intends to issue a solicitation in order to award up to five contracts for the manufacture of temporary housing units, specifically travel trailer models.
The travel trailers shall be built to meet FEMA's performance specifications, which include requirements to eliminate the use of formaldehyde emitting materials such that the unoccupied indoor air quality tests below .016 ppm.
The contracts will be indefinite delivery/indefinite quantity (IDIQ) type, with firm-fixed prices for each unit. FEMA intends to order a minimum quantity of 100 units from each successful offerors, with ability to order a total of 15,000 units (divided equally among the successful offerors) over a five-year period.
The period of performance shall therefore be for a base year with four option years. The NAICS Code applicable to this solicitation is NAICS 321991. This requirement shall be solicited using FAR Part 15 procedures.
All work shall be performed at the contractor's facility
Upon issuance of a task order, the contractor(s) will be required to manufacture, test, and deliver travel trailers that conforms to the specifications.
This is an advance notice of the Government's anticipation of releasing the solicitation on or about Nov. 24.
Proposals are not requested at this time and shall be submitted in strict compliance with the instructions to be provided in the solicitation. However, prior to the release of the RFP, Interested parties may contact FEMA regarding their interest and capability to respond to the requirement. Prospective Offerors must be aware that any information that we share regarding this requirement will be a response to their written questions. Questions and our answers will be posted as an amendment to this pre-solicitation notification.
All questions regarding this requirement shall be submitted in writing by email to Sean Williams, contract specialist, at email@example.com.
For more information and additional specifications click here.
RECALL: 2008-2009 PREVOST: PASSENGER SEAT BASE
PREVOST / H3-41 2008-2009
PREVOST / H3-45 2008-2009
PREVOST / X3-45 2008-2009
Manufacturer: PREVOST CARS, INC. Mfr's Report Date: NOV 10, 2008
NHTSA CAMPAIGN ID Number: 08V597000 NHTSA Action Number: N/A
Potential Number of Units Affected: 81
PREVOST IS RECALLING 81 MY 2008-2009 X3-45, H341, AND H3-45 MOTOR COACHES. DURING PRODUCTION THE WRONG GRADE 5 BOLTS WERE USED TO INSTALL THE PEDESTAL OF THE PASSENGER SEAT. THERE IS A POSSIBILITY THAT THE BOLTS WOULD BREAK AT INSTALLATION OR DURING THE NORMAL USE OF THE VEHICLE.
IN THE EVENT OF A CRASH, A SEAT OCCUPANT MAY NOT BE PROPERLY RESTRAINED INCREASING THE RISK OF PERSONAL INJURY.
DEALERS WILL REPLACE THE BOLTS WITH THE CORRECT SPECIFIED BOLTS FREE OF CHARGE. THE RECALL BEGAN ON NOVEMBER 18, 2008. OWNERS MAT CONTACT PREVOST AT 1-418-831-8432.
PREVOST RECALL NO. SR08-21. 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: 2007-2009 NEWMAR MOTOR HOMES (DIESEL): TRAILER HITCHES
NEWMAR / ALL STAR MID-ENGINE 2007
NEWMAR / ALL STAR MID-ENGINE 2008-2009
NEWMAR / DUTCH AIRE DIESEL PUSHER 2009
NEWMAR / DUTCH STAR DIESEL PUSHER 2007-2009
NEWMAR / KOUNTRY STAR DIESEL PUSHE 2007-2008
NEWMAR / MOUNTAIN AIRE DIESEL PUSH 2007
NEWMAR / VENTANA DIESEL PUSHER 2009
Manufacturer: NEWMAR CORPORATION Mfr's Report Date: NOV 17, 2008
NHTSA CAMPAIGN ID Number: 08V596000 NHTSA Action Number: N/A
Component: TRAILER HITCHES
Potential Number of Units Affected: 913
NEWMAR IS RECALLING 913 MY 2007-2009 ALL STAR ME, DUTCH STAR DP, MY 2007-2008 KOUNTRY STAR DP, MY 2007 MOUNTAIN AIRE DP, AND MY 2009 DUTCH AIRE DP AND VENTANA DP MOTOR HOMES BUILT ON SPARTAN CHASSIS AND EQUIPPED WITH PUTNAM HITCHES. AFTER SOME PERIOD OF USE, CERTAIN TRAILER HITCHES MAY DEVELOP STRESS FRACTURES DUE TO SHARP RADII AND /OR TOOL MARKING.
FRACTURES IN THE SUSPECT HITCHES MAY RESULT IN HITCH SEPARATION, POTENTIALLY RESULTING IN INJURY AND/OR PROPERTY DAMAGE.
NEWMAR IS WORKING WITH SPARTAN WHO WILL REPLACE THE TRAILER HITCH FREE OF CHARGE (PLEASE SEE 08V567). OWNERS MAY CONTACT SPARTAN AT 1-517-543-6400 OR NEWMAR AT 1-574-773-7791.
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.