National R.V. sells California land.Byline: Ilene Aleshire The Register-Guard National R.V. Holdings National R.V. Holdings (NYSE:NVH) is a company from the north of Perris, California, that makes recreational vehicles. The company is divided into two subsidiaries: National R.V., Inc., (diesel and gasoline RVs), and Country Coach, Inc. (diesel RVs only). , the parent company of Country Coach in Junction City Junction City, city (1990 pop. 20,604), seat of Geary co., NE Kans., at the confluence of the Republican and Smoky Hill rivers; inc. 1859. The rail, trade, and processing center of an agricultural and dairy area, it grew as the supply point for nearby Fort Riley, , has sold its property in Perris, Calif., where it has its headquarters, to another RV maker for $33.5 million. National R.V. will lease back the property from Warrior Holdings, the owner of Weekend Warrior, for up to 20 years. National R.V. said the money will allow it - among other things - to reduce the outstanding balance on its line of credit. The announcement was released Wednesday evening, and National R.V. officials could not be reached for comment over the Thanksgiving Thanksgiving annual U.S. holiday celebrating harvest and yearly blessings; originated with Pilgrims (1621). [Am. Culture: EB, IX: 922] See : America Thanksgiving national holiday with luxurious dinner as chief ritual. [Am. Pop. holiday. A local Country Coach spokesman said he had not received the release and could not comment. National R.V.'s chief executive, Brad Albrechtsen, said in a statement, "This transaction will bring a substantial amount of capital into the company at a critical time. " The company's cash problems were triggered earlier this year when National RV, another subsidiary of National R.V. Holdings, received defective defective adj. not being capable of fulfilling its function, ranging from a deed of land to a piece of equipment. (See: defect, defective title) fiberglass fiberglass, thread made from glass. It is made by forcing molten glass through a kind of sieve, thereby spinning it into threads. Fiberglass is strong, durable, and impervious to many caustics and to extreme temperatures. that it used on sidewalls for at least 72 motor homes, Albrechtsen said. Under the terms of the lease, which is scheduled to close on Dec. 21, National R.V. will pay about $2.7 million per year to lease back the property. The lease agreement is for 10 years, with two five-year renewal options. The Country Coach division of the company, which makes high-end RVs, has consistently made a profit while the California division has lost money. Country Coach employs about 1,800 workers in Junction City, making it one of Lane County's largest private employers. Overall, National R.V. has lost money in nine straight quarters and in 17 of the past 21 quarters. Since September 2001, when Albrechtsen was named CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , National R.V. has lost $84.3 million. Weekend Warrior is known for its line of trailers, including "toy haulers" that allow RVers to bring along motorcycles and other recreational equipment. They have facilities in Upland Upland, city (1990 pop. 63,374), San Bernardino co., S Calif., in a citrus-fruit region at the foot of the San Gabriel Mts.; inc. 1906. Citrus fruits and grapes are packed and processed in the city. Paint, orchard heaters, auto parts, and feed products are also made. , Calif. |
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