|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's Range||10.07 - 10.33|
|52 Week Range||8.23 - 14.99|
|Beta (5Y Monthly)||2.93|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 03, 2020 - Mar 08, 2020|
|Forward Dividend & Yield||0.20 (1.95%)|
|Ex-Dividend Date||Jan 29, 2020|
|1y Target Est||11.53|
Spartan Motors (NASDAQ: SPAR), best known as a specialty body builder, has sold its Emergency Response (ER) segment so it can focus efforts on its commercial and retail vehicle industries, which include the Utilimaster brand of van bodies. Spartan sold the ER business, which includes purpose-built fire truck bodies, to REV Group Inc. (NYSE: REVG) for $55 million in cash. "The divestiture of the ER business unit will give us the speed and flexibility needed to further focus on accelerating growth and profitability in our commercial, fleet, delivery and specialty vehicles markets where we see the biggest opportunity to generate higher returns," said Daryl Adams, president and CEO.
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.
REV Group, Inc. (NYSE: REVG), a manufacturer of industry-leading specialty vehicle brands, announced today it has completed the acquisition of Spartan Emergency Response (Spartan ER), a leading designer, manufacturer and distributor of custom emergency response vehicles, cabs and chassis for the emergency response market, and its brands, from Spartan Motors, Inc. (NASDAQ: SPAR) effective February 1, 2020. Spartan ER was acquired for approximately $55 million in cash, subject to a net working capital adjustment and certain liabilities of the business to be retained by Spartan Motors, Inc. post-closing.
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