Drew Industries Inc. (NYSE: DW) has announced their acquisition of Elkhart, Indiana based Atwood Mobile Products, Inc. via Lippert Components, Inc. (LCI), a wholly owed subsidiary. The sale is expected to be completed in November.
“Atwood has been a household name in the RV and trailer markets for over 30 years,” said Scott Mereness, President of LCI.
According to erienewsnow, products acquired in the acquisition include seating frames and related components, as well as Atwood’s manual, power and scissor jacks, leveling systems and controls, couplers and hitch balls, fifth wheel landing gear and braking components.
“Atwood’s chassis hardware products are a natural fit for LCI,” added Mereness.
“Additionally, we expect the seating frame business will create new synergies in our RV and Marine furniture businesses. This acquisition spans many of our existing core markets and adds significant aftermarket revenue, and opens up new adjacent industry opportunities for LCI.”
The acquisition of Atwood represents the fourth for Drew in 2016, preceded by the acquisitions of Highwater Marine in January, Flair Interiors in February and Project 2000 in May.
The company has seen a steady rise in its stock price, up over 40 percent for the year and recently received a “buy” rating from Citibank, which the Daily Business News covered here.
As readers are aware, Drew Industries supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe, and will report Q3 earnings via conference call on November 3rd, 2016.
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(Editor’s Note: For an exclusive interview with Drew’s Leigh Abrams, click here.)
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Submitted by RC Williams to the Daily Business News for MHProNews.
