Rush to Form New Navistar, Peterbilt Divisions; Acquires Lake City

March 29, 2010

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Rush Enterprises has announced plans to form a division that will operate dealerships offering Navistar products.
The company will also group the management of its Rush Truck Centers into a Peterbilt division responsible for dealerships that sell and service Peterbilt products.

In addition, Rush has purchased certain assets of Lake City Companies, which operates a commercial truck, bus and agricultural equipment sales, service, parts, finance and leasing business representing multiple brands, including International, Autocar, Mitsubishi Fuso, IC Bus and Collins Bus.

According to Rush, the senior management teams of the new Peterbilt and Navistar divisions will report to W.M. "Rusty" Rush, president and CEO, but the two divisions will remain operationally independent from one another.

Lake City International currently operates five dealerships in Utah, five dealerships in Idaho and a dealership in Oregon. The proposed acquisition would expand the company's network of Rush Truck Centers to 60 locations in 14 states.

Rush Enterprises estimates that the purchase price for the assets of Lake City will be approximately $76.5 million.

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