Apollo second completion of acquisition of Fleetwood’s caravan manufacturing business

Company News

by Anna Napoli

Apollo Tourism & Leisure Limited (ASX:ATL) has announced the second completion of the purchase of Fleetwood's (ASX:FWD) Caravan Manufacturing business.

All in all Fleetwood expects to receive $11.2 million for the sale of the business before the end of the 2019 financial year.

Apollo will complete the purchase of various completed caravans at commercial rates in the coming two weeks, and an agreed list of certain raw materials and trading stock over the coming months as delivery occurs.

Fleetwood Managing Director and CEO Brad Denison said that second completion was an important final step in the process to dispose of the Caravan Manufacturing business.

Shares in Apollo Tourism & Leisure (ASX:ATL) closed flat at 95  cents on Friday while shares in Fleetwood (ASX:FWD) closed 0.59 per cent higher to $1.72.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.