AMP Holding Inc. (OTCBB and OTCQB: AMPD), through a newly formed subsidiary, Amp Trucks, Inc., 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 Corporation (NYSE: NAV). 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, Indiana. A specific timetable to re-open the Workhorse® plant will be announced as the transition occurs and order backlogs are established.
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