GVW Holdings Corp. announced it has signed an agreement to sell subsidiaries Workhorse Custom Chassis LLC and Uptime Parts LLC to International Truck and Engine Corp., operating company of Navistar International Corp.
The agreement was signed July 1 and will be completed over the next 30 to 90 days. Workhorse, Union City, Ind., manufactures chassis for Class A motor homes, buses and walk-in trucks. Uptime Parts, located in West Chicago, Ill., and Reno, Nev., supplies replacement and aftermarket parts for Workhorse’s RV, truck and bus markets. According to the GVW press release, International will provide management oversight, strategy and administration for Workhorse and Uptime Parts, but both will operate as independent and wholly owned subsidiaries of International. They will retain their present management and there are no plans to reorganize, reduce staff or relocate. Workhorse products will continue to be sold through Workhorse certified up-fitters and dealers and marketed under the Workhorse brand. GVW will retain its remaining portfolio of companies, which includes Autocar and Union City Body Company. GVW said International’s scale and overall capabilities will provide opportunities to reduce material costs and build on Workhorse¹s premium product offering. GVW said discussions with International grew out of efforts to integrate International’s VT 275 V6 diesel engine into their new W42 commercial chassis for walk-in trucks, which go into production later this year. International saw Workhorse as a unique business model that would complement its existing products and markets. International does not currently compete with Workhorse in any market and this provides an opportunity to expand its reach into the RV and the Class 2 to 5 commercial markets.
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