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Spartan Motors Announces Agreement for Ownership Restructuring

16 October 1998

Spartan Motors Announces Agreement for Ownership Restructuring in Carpenter Industries

    CHARLOTTE, Mich.--(AutomotiveWire)--Oct. 16, 1998--Spartan Motors, Inc. (NASDAQ/NMS:SPAR) today announced an agreement for the restructuring of ownership in Richmond, Ind.-based Carpenter Industries. The restructuring could be completed as early as October 23, 1998. Carpenter is a major manufacturer of conventional and Type D transit style school buses.
    "The results of this agreement will reallocate ownership of Carpenter to Spartan Motors, Inc. and Recovery Equity Investors, Inc.," said George Sztykiel, Spartan Motors Chairman of the Board and Chief Executive Officer. "Operations at Carpenter could resume as early as October 26, 1998."
    Spartan Executive Vice President, Anthony Sommer, will lead the responsibility of working with Carpenter's management team to reorganize operations. Mark Kennedy will be assuming the duties of Chief Operating Officer at Carpenter.
    Carpenter's school bus operations and dealer network assures Spartan access to the 35,000-unit school bus market, including the Type D transit style buses that utilize the style of chassis produced by Spartan.
    Spartan Motors, Inc. is a leading manufacturer of custom chassis for motorhomes, fire trucks, transit buses, school buses, step vans and other specialty vehicles. The Company also owns fire and rescue vehicle manufacturers Luverne Fire Apparatus, Quality Manufacturing and Road Rescue Ambulance.
    The statements contained in this news release include certain predictions and projections that may be considered forward-looking statements by the securities laws. These statements involve a number of risks and uncertainties, including, but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, services and prices, and actual results may differ materially.