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GVW Holdings to Sell Workhorse and Uptime Parts to International

July 5, 2005

CHICAGO – GVW Holdings Corp. has signed an agreement to sell its subsidiaries Workhorse Custom Chassis, LLC and Uptime Parts, LLC to International Truck and Engine Corp., operating company of Navistar International Corp. The acquisition agreement was signed July 1 and will be completed over the next 30 to 90 days.Workhorse, located in Union City, Ind., is a manufacturer of chassis for walk-in trucks, Class A motor homes, and buses. Uptime Parts, located in West Chicago, Ill., and Reno, Nev., supplies replacement and aftermarket parts for the truck, bus, and RV markets Workhorse serves.International produces International brand commercial trucks, mid-range diesel engines and IC brand school buses and is a private label designer and manufacturer of diesel engines for the pickup truck, van, and SUV markets. GVW will retain its remaining portfolio of companies, which includes Autocar and Union City Body Company (UCBC). In addition, Autocar and UCBC will continue to be close partners with Workhorse and International, according to Andrew Taitz, chairman and CEO of GVW Holdings. “We are planning for Autocar to continue to assemble the Workhorse R Series diesel chassis and for UCBC to be a partner for integrated step-vans,” he said.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 structure and there are no plans to reorganize, reduce, or relocate facilities or staff. Workhorse products will continue to be sold through Workhorse-certified upfitters and dealers and marketed under the Workhorse brand.“International’s scale and overall capabilities will provide opportunities to reduce material costs, build on Workhorse’s premium product offering, as well as other efficiencies that may be integrated into Workhorse’s operations,” said Tom Cellitti, vice president and general manager for International’s medium vehicle center. Discussions with International grew out of Workhorse’s desire to integrate International’s VT 275 V-6 diesel engine for Workhorse’s new W42 commercial chassis for walk-in trucks, which go into production later this year. 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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