Saturday, October 11, 2014

Skyline Sells RV Division to Evergreen

Skyline Corporation has completed the sale of certain assets associated with its Recreational Vehicle segment to Evergreen RecreationalVehicles, LLC

Evergreen Travel Trailer

Evergreen Travel Trailer Interior

The transaction was completed pursuant to the terms of an Asset Purchase Agreement entered into between the two companies on October 7, 2014, as well as the terms of a Real Property Purchase Agreement entered into on that same date between Skyline and an affiliate of Evergreen, Skyline RE Holding LLC, relating to the purchase of an RV manufacturing facility located in Bristol, Indiana. 

The cash sales price for the RV business and real estate, which Skyline received at closing, totaled approximately $981,000.  In addition, Evergreen has the right, but not the obligation, to purchase approximately $1.6 million of raw material inventory on-hand at 50 percent of Skyline's cost.  

No news about Skyline's manufactured and modular divisions sale to Cavco. Skyline sold 2,434 manufactured homes, 457 modular homes, and 231 park models in fiscal 2014.

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