DOW JONES23,719.37+285.80 1.22%
S&P 5002,789.82+39.84 1.45%
NASDAQ8,153.58+62.67 0.77%

Spartan Motors Announces Sale Of Emergency Response Segment To REV Group For Approximately $55M

Spartan Motors, Inc. (NASDAQ:SPAR) (the "Company"), the North American leader in specialty vehicle manufacturing and assembly for the commercial and retail vehicle industries (including last mile delivery,

Benzinga · 02/03/2020 14:02

Spartan Motors, Inc. (NASDAQ:SPAR) (the "Company"), the North American leader in specialty vehicle manufacturing and assembly for the commercial and retail vehicle industries (including last mile delivery, specialty service and vocation-specific upfit segments), as well as for the recreational vehicle markets, today announced the sale of its Emergency Response (ER) segment to REV Group, Inc. (NYSE:REVG). REV Group (REVG) paid approximately $55 million in cash at closing, which is subject to a net working capital adjustment, and assumed certain liabilities of the ER segment. The transaction has been unanimously approved by the Company's Board of Directors.