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Posts Tagged ‘David M. Smith’

Drew Drawing a Bead on Overseas Markets?

April 29th, 2016 Comments off

drew_industMHProNews has learned that Elkhart, IN-based Drew Industries, Inc. announces the refinancing of its revolving credit facility from its current $100 million that will expire in Jan. 2019, to $200 million, led by JPMorgan and Wells Fargo. The company had nothing outstanding against the $100 million at the close of the refi.

Drew intends to use the funds to grow organically and for possible acquisitions, including a feature that allows it to draw up to $50 million in approved foreign currencies including Canadian and Australian dollars, Euros and Pound Sterling.

Another feature: lending can be increased by $125 million. Bank of America Merrill Lynch and 1st Source Bank are also participating in this refinancing, according to prnewswire.

Said David M. Smith, Chief Financial Officer: “This new agreement, with its expanded capacity, multi-currency feature and improved financial terms provides the Company with a platform to use its financial strength to continue to seek out and capitalize on growth opportunities.” The company is no doubt taking advantage of low interest rates.

As MHProNews knows, through 44 manufacturing and distribution sites in the U. S. and Canada, Drew supplies components to the manufactured home and recreational vehicle industries, and to many other industrial markets as well. ##

(Image credit: Drew Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

David M. Smith Joins Drew Industries as new CFO

August 31st, 2015 Comments off

drew_ind_2_logoMHProNews has learned from prnewswire that David M. Smith has joined Drew Industries, Inc. (NYSE:DW) as Chief Financial Officer (CFO), succeeding Joseph S. Giordano III, who held that position since 2008. Mr. Giordano will remain with the company temporarily to ensure a smooth transition.

Mr. Smith, 52, has been Senior Vice President and Chief Financial Officer of Key Safety Systems, Inc. (KSS) for ten years, and since 2009 was also President of KSS’ Specialty Products division. With a global network of 34 facilities, KSS designs, develops and manufactures automotive safety restraints including airbags, safety belts and steering wheels.

Previously, he was CFO at Key Plastics, LLC, also a supplier of automotive products, and has a 30-year background in finance leadership positions.

From 42 manufacturing facilities across the nation, Drew supplies components to the manufactured housing and recreational vehicle industries. ##

(Image credit: Drew Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.