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Morgan Drive Away Inc. has sold its money-losing manufacturing home delivery business to a Georgia firm in order to concentrate on its RV/commercial vehicle/bus transport and semi-trailer hauling businesses, the American Stock Exchange-listed firm announced.
The terms of Morgan’s sale of its manufactured home transport business to McDonough, Ga.-based Bennett Truck Transport LLC were not revealed.
The acquisition of Elkhart, Ind.-based Morgan’s manufactured home delivery business by Bennett also settles the lawsuit that Morgan had filed earlier against Bennett and certain former Morgan employees.
Morgan’s manufactured home delivery business has been losing money because of the sharp decline in manufactured home shipments that began during 1999. Insurance costs also increased dramatically recently, according to Anthony Castor, Morgan’s CEO.
Morgan’s Vehicle Delivery Division will continue to ship motorhomes, commercial trucks, buses, construction equipment, delivery vans and other motorized equipment for customers. Its Vehicle Delivery Division will continue to ship towable RVs and its Towaway Division will continue to provide tractors and drivers for hauling semi-trailers.