Classic Fire Acquisition Completed by Spartan Motors
CHARLOTTE, Mich., April 1, 2011 -- Spartan Motors,
Inc. (Nasdaq:SPAR) today announced it has completed the acquisition of
Classic Fire, a designer and manufacturer of fire apparatus known for
performance, innovation and practicality. The acquisition was announced
on March 7, 2011 with a transaction close date of April 1st.
"Today's announcement supports Spartan Motors' strategic intent of
pursuing a blended growth strategy that is focused on three areas;
organic growth through our existing markets and product innovation,
corporate alliances such as that which we have solidified with Isuzu
Commercial Trucks of America, and acquisitions," said John Sztykiel,
President and CEO of Spartan Motors. "We are very optimistic about the
improved opportunities and long-term growth potential in the emergency
response market resulting from this acquisition," said Sztykiel.
Strategic Fit
Classic Fire is a strategic acquisition that:
-- Enables Spartan to cover more segments, applications, and customer needs
than ever before due to the complementary product offerings
-- Allows Spartan Motors to better meet the price points required of an
industry challenged by weaknesses in municipal funding
-- Provides expanded coverage of a key growth segment and enriches Spartan
with industry experts that complement those in place at Spartan Chassis,
Inc. and Crimson Fire, Inc.
About Spartan Motors, Inc.
Spartan Motors, Inc. designs, engineers and manufactures specialty
chassis, specialty vehicles, truck bodies and aftermarket parts for the
recreational vehicle (RV), emergency response, government services,
defense, and service and delivery markets. The Company's brand names --
Spartan(TM), Crimson Fire(TM), Crimson Fire Aerials(TM), Classic
Fire(TM), and Utilimaster(R) - are known for quality, value, service
and first-to-market innovation. The Company employs approximately 1,600
at facilities in Michigan, Pennsylvania, South Dakota, Indiana,
Florida, and Texas. Spartan reported sales of $481 million in 2010 and
is focused on becoming a global leader in the design, engineering and
manufacture of specialty vehicles and chassis. Visit Spartan Motors at
www.spartanmotors.com.
