AMP Holding Inc., through a newly formed subsidiary, Amp Trucks Inc., announced March 4 that it has entered into a definitive agreement to acquire the Workhorse brand, logo, IP, patents and assembly plant from Workhorse Custom Chassis LLC, a wholly owned affiliate of Navistar International Corp.
The parties expect to close the acquisition on or about March 13, 2013.
AMP plans to produce step vans and other vehicle types using the former Workhorse Custom Chassis plant in Union City, Ind. A specific timetable to re-open the Workhorse plant will be announced as the transition occurs and order backlogs are established.
With this acquisition, AMP will be positioned to be one of the first truck OEM in the U.S. to offer a range of alternative-fuel vehicles produced in an automated assembly plant, the company said. By offering an all-electric Workhorse chassis along with gasoline-powered, and alternative-fuel powered models, AMP will build these vehicles for the commercial market.
AMP's vehicles will be sold and supported through the existing Workhorse network of 440 dealers.
"Our acquisition of the Workhorse assets will enable us to continue producing the premium-quality chassis that Workhorse is known for while giving us the perfect platform for our battery-electric power-train technology," said Steve Burns, CEO of AMP. "It makes good strategic sense for us and we expect to be well positioned to meet the ever increasing demands of the market."