Does this valve disassemble?

Getting ready for our second trip, this time a bit further than the last, and in going over the coach I found one of the brass valves for the water heater bypass leaking slightly. I did attempt to back what appears to be the packing nut off without luck, seems to be frozen.

Before I apply more leverage to it, I just wanted to be certain that the collar does indeed unscrew from the valve body.