Milwaukee-based REV Group said it has completed the sale of its two shuttle bus businesses to Elkhart, Ind.-based Forest River. The company said proceeds from the sale will be used to pay down outstanding borrowings under the company’s ABL debt facility, adding that financial details have been described within a Form 8-K filing it made with the Securities and Exchange Commission
“We continue to review our businesses and align the portfolio to achieve our strategic objectives and create shareholder value,” said Rod Rushing, president and CEO of the REV Group. “The divestiture of our shuttle bus business provides an opportunity to improve our portfolio profitability, reduce debt and renew our focus on reducing our leverage. We are committed to improving our operations to achieve best-in-class performance in each of our business segments. I appreciate the hard work and dedication of our shuttle business employees and wish them success.”