Thor Industries Inc. said operations for newly acquired bus builder Goshen Coach would remain at the company’s current facility in Elkhart, Ind., if Thor “can negotiate a satisfactory lease for the facility and satisfy itself of certain other conditions.”
According to a report in the Elkhart Truth, Thor acquired substantially all of the assets of Goshen Coach, now operating as GC Bus, for about $9.5 million cash during a day-long auction last week.
At the conclusion of a hearing the following day in federal bankruptcy court, where the sale was approved, a Thor attorney said the bus operation eventually would be moved to a Thor plant in Michigan.
Thor said in a news release dated last Friday that it plans to operate Goshen Coach as a separate entity.
Goshen Coach, which filed Chapter 11 bankruptcy in early May, is the second-largest manufacturer of small and midsize buses, with annual sales including chassis of about $75 million, according to Thor.
The company noted that the acquisition will give Thor about 45% of the small and midsize bus industry.
“Most of our buses have a five-year effective life and we are seeing good replacement orders for buses sold in 1999 and 2000. We expect the industry to continue its growth and are pleased to enhance our leadership position with this acquisition,” Wade F. B. Thompson, Thor chairman, said last week when announcing Thor’s acquisition.