AMP Electric Vehicles to Acquire Assets of Workhorse Brand From Navistar Affiliate

AMP Holding Inc.through a newly-formed subsidiary, Amp Trucks, Inc., has entered into a definitive agreement to acquire the assets of the Workhorse® brand. The agreement has AMP Electric Vehicles acquiring the Workhorse brand, logo, IP, patents, and assembly plant from Workhorse Custom Chassis, LLC, a wholly owned affiliate of Navistar International Corporation. The acquisition is expected to close on or about March 13, 2013.

With this acquisition AMP will be positioned to be the first truck OEM in the United States to offer a range of alternative fuel vehicles produced in an automated assembly plant. By offering an all-electric Workhorse chassis along with gasoline-powered, and alternative-fuel powered models, AMP will become a premier OEM capable of building alternative fuel vehicles for the commercial market. AMP’s vehicles will be sold and supported through the existing Workhorse network of 440 dealers.

AMP plans to produce Step-Vans and other vehicle types using the former Workhorse Custom Chassis plant in Union City, Indiana. A specific timetable to re-open the Workhorse plant will be announced as the transition occurs and order backlogs are established.

Steve Burns, CEO of AMP said, “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. It makes good strategic sense for us and we expect to be well positioned to meet the ever increasing demands of the market.”