Thor Industries Inc. today (Oct.) announced the completion of the sale of its bus business to Allied Specialty Vehicles Inc. and the receipt of $100 million in cash proceeds from the transaction. The cash proceeds will be adjusted to reflect changes in net assets of the bus business since April 30 based on the final valuation of net assets as of October 20.
Thor also announced that its board approved the payment of a special dividend of $1 per common share. The special dividend is payable on November 19 to shareholders of record at the close of business on November 5.
“With the completion of the sale of the bus business, Thor is embarking on a new period in its history with a focus purely on the growth of the RV business,” said Peter B. Orthwein, Thor executive chairman. “While we will continue to use our cash to grow our core RV business and maintain and grow our regular dividend, the Board decided that the payment of a special dividend was in the best interest of our shareholders at this time. This marks the second year in a row that we have paid a special dividend and is another example of our priority in returning cash to our shareholders.”
Thor expects to report preliminary sales for its fiscal first quarter ended October 3 on Nov. 4.