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Less than three years after buying the assets of mobile-home maker Monaco Coach, truck maker Navistar (NYSE: NAV ) is unhitching Monaco from its corporate wagon -- and sending the Holiday Rambler and R-Vision brands along with it.
Navistar announced Thursday that it has sold its Navistar RV business to privately held Allied Specialty Vehicles, retaining only its Bison Coach horse trailer manufacturing business, which was previously part of Navistar RV.
Navistar did not divulge financial terms of the sale, saying only that the decision to sell resulted from its "Return-On-Invested-Capital review process" and implying that the businesses sold didn't pass that review and were not part of Navistar's "North America core businesses."
Shares of Navistar rose 5.6% in response to the news in Friday trading to close at $38.25.