Navistar Sniffing Out Buyer for RV Operations

February 14, 2013 by · Comments Off on Navistar Sniffing Out Buyer for RV Operations 

Navistar International Corp. officials said Wednesday (Feb. 14) they are looking into selling the company’s Navistar RV unit based in Wakarusa, Ind.

According to a report by WSBT-TV, South Bend, Navistar is in the preliminary stages of its effort to possibly sell the company. In a statement, Navistar representative Steve Schrier said:

“Navistar is conducting a comprehensive review of all of our non-core businesses — including our Navistar RV business — to evaluate their potential to drive long-term profitability and significantly improve our return on invested capital (ROIC).

“As a result of our ROIC analysis, Navistar is listening to offers for the sale of its RV business and the sale of the business is a possibility. However, we are still early on in that process and not accepted any offers at this time.”

Schrier added that Navistar is not in a position where it has to sell the RV portion of the company.

“We have a credible turnaround plan for the RV business under way and sufficient cash to continue funding operations, so we have the option to reject any offers that don’t have value,” Schrier told WSBT, emphasizing the company was not cash-strapped.

The company laid off 29 temporary workers in September. At that time, Schrier said that there were no plans to lay off any of the 500 permanent employees who work at the Wakarusa motorized manufacturing facility.

In 2008, Monaco Coach Corp. laid off nearly 1,500 people and filed for bankruptcy. Then Navistar bought Monaco Coach in 2009. When Navistar acquired Monaco, there were only 20 employees left.

In August 2011, Monaco decided to consolidate its Oregon factory with the factory in Wakarusa. That brought about 400 new jobs to Elkhart County. There are currently about 600 workers between the Elkhart and Wakarusa plants.

Chains Acquire Monaco Coach’s Signature Resorts

July 23, 2009 by · Comments Off on Chains Acquire Monaco Coach’s Signature Resorts 

signature-rv-resortsSignature Resorts, the luxury RV division of the bankrupt Monaco Coach Corp., has been acquired by Morgan RV Resorts, Saratoga Springs, N.Y., and Sunland RV Resorts headquartered in La Jolla, Calif.

The Signature resorts are in Naples, Fla., and Bar Harbor, Maine.

Morgan RV Resorts is the country’s largest privately owned RV park corporation. Morgan’s 41 RV resorts in 14 states offer RV owners camping and recreation facilities with over 17,000 lots in diverse  locations such as the Adirondacks, the Chesapeake Bay, Cape Cod and the Florida Keys.

Sunland RV Resorts currently owns and operates seven RV resorts in Southern California which includes Golden Village Palms RV Resort, California’s largest and RV Resort  Five of Sunland RV Resorts are strategically located in San Diego. 

In announcing the Signature Resorts acquisition, Morgan RV Resorts co-owner Bob Moser and Sunland RV Resorts President, Reza Paydar said they are excited to add this top of the line group of RV resorts to their portfolio.

“Signature Resorts is and has been the unmatched leader in RV living in America. Their properties have no equal in beauty, recreation and luxury living for Class A coach owners. They are the five-star choice in the field,” the new owners stated in a press release.

E. Randall Henderson Jr. will continue as president of the new Signature Resorts, a position he has held since 2004.

“With the Sunland and Morgan partnership, we are now expanding the Signature Resorts brand with the experience, resources and the team to set a new standard for luxury. Signature Resorts will serve those owners who demand the very finest in luxury RV living,” said Henderson, who pioneered luxury RV condominium ownership and has developed 23 RV resorts in 12 states and Mexico over the past 25 years.

Rep. Donnelly Sees RV Recovery on Horizon

May 6, 2009 by · Comments Off on Rep. Donnelly Sees RV Recovery on Horizon 

 U.S. Rep. Joe Donnelly, D-Ind., whose district includes northern Indiana’s RV manufacturing area, expects that  Navistar International Corp. will begin building recreational vehicles again in factories closed by Monaco Coach  Corp. 

Speaking to the National Association of RV Parks and Campgrounds’ (ARVC) 2009 National Issues Conference April 28-29 at the newly opened National Visitor Center on Capitol Hill in Washington, D.C., Donnelly added that he’s confident that RV sales will pick up when credit markets stabilize and the U.S. economy recover. 

“We were encouraged by the fact that Navistar is going to be picking up Monaco Coach,” Donnelly told state campground association leaders. “It’s not all official yet, but it looks like they will be manufacturing again in Elkhart County (Ind.) 

Monaco filed Chapter 11 bankruptcy in March, and Navistar, which had partnered with Monaco manufacturing chassis in Elkhart, Ind., has offered $52 million to purchase most of Monaco’s RV manufacturing assets, including factories in Indiana and Oregon. In addition, if the deal is finalized by June 1, Navistar will acquire all brands, intellectual property, inventories and equipment relating to Monaco’s product lines. 

Donnelly told the campground association leaders that when the RV industries turns around, there will be more demand than ever for places to take RVs. 

“There is going to be demand for these products and they have to go someplace,” the Democrat told the RV park and campground operators. “Where they go in so many places is your businesses. You are the heart and soul of the American dream.” 

Donnelly, who serves on the Capital Markets Subcommittee of the House Financial Services Committee, said Congress is doing its best to stabilized the American economy. 

“We are getting closer on the credit market,” Donnelly said. “With home mortgages, the ‘liar loans’ are gone and the crazy adjustable rates that changed every three months, they’re going too. We’re back to basics, but we’re a lot better off for it. We will be a lot more solid because of it.” 

Donnelly said he is co-sponsor of legislation that attempts to deal with the speculative run-up of crude oil prices that sent gasoline prices over $4 a gallon last summer. 

“I’m no clairvoyant, but much of what happened to prices was done on speculation,” he said. “We sat there day after day watching demand continue to go down as prices continued to go up. 

“And what we saw was that (investment banker) Morgan Stanley was one of the world’s largest owners of petroleum. What was clearly going on was price manipulation.” 

Donnelly said that legislation pending the House Agriculture Committee would require that buyers of petroleum futures contracts have the facilities to store the oil they buy. 

“(That means) if someone has a million-gallon contract, they have to be able to store a million gallons,” Donnelly said. “That’s how it was until 1999. That’s what we are trying to get back to now. That would make it a fair market and an appropriate market.”

Holiday Rambler RV Club Convenes in Indiana

May 6, 2009 by · Comments Off on Holiday Rambler RV Club Convenes in Indiana 

The owners of about 190 Holiday Rambler diesel pusher motorhomes manufactured by Monaco Coach Corp. — members of the Ramblin’ Pushers chapter of the national Holiday Rambler RV Club — are gathered this week at the Elkhart County Fairgrounds in Goshen, Ind. 

“We don’t call it a rally,” said chapter President Dick Reidenbach of Indianapolis. “We call it a maintenance session and we will have almost 100 technical sessions over the course of the week.” 

“The mission of our chapter is to help educate members on the operation and repair of Holiday Rambler diesel pushers,” Reidenbach said. 

Roundtable discussions were conducted Monday night among owners of the various Holiday Rambler brands. “One of the greatest sources of information for resolving problems with a motorhome are people who own the same coaches that you do,” Reidenbach said. 

All this as Monaco Coach Corp., Coburg, Ore., which filed for chapter 11 bankruptcy in March, awaits finalization of a $52 million deal in bankruptcy court through which most of Monaco’s assets are to be sold to Chicago-area based for Navistar International Corp. 

Pat Carroll, Monaco Coach Corp. vice president of product development, was in attendance at the Elkhart rally as was Veurink’s RV Center, Grand Rapid, Mich., the oldest Holiday Rambler dealership in the country. 

“Pat Carroll told us that it’s been a long six months, but that there is light at the end of the tunnel and that Monaco is definitely on the uptick,” said Reidenbach, who three weeks ago bought a Holiday Rambler Navigator for cash from Lazydays RV SuperCenter in Seffner, Fla., was pleased with the turnout. 

“I felt like Monaco is big enough and that the Navistar thing is down the road far enough so that something good is going to happen,” Reidenbach said. 

Although turnout for the gathering is about 10% less than it was last year, Reidenbach said those attending are in good spirits. “Honestly, the mood here is pretty upbeat,” he said. 

And he is equally pleased that the club was able to draw nearly 400 people to Elkhart. 

“We are absolutely delighted with the attendance, given the condition of the RV industry,” said the Eli Lilly Co. retiree. “We feel like it’s a big success.”