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LCI Industries Makes Major Move

May 23rd, 2017 Comments off
LCIIndustriesReportsQ4YearEndEarningscreditInvestorsLCI-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: LCI, Investors.

LCI Industries (formerly Drew Industries), a supplier of components for the leading original equipment manufacturers of recreational vehicles (“RVs”) and adjacent industries, and the related aftermarkets of those industries, tells MHProNews that it has acquired Lexington, LLC for $40 million.

Based in Elkhart, Indiana, Lexington manufactures high quality seating solutions for the marine, RV, transportation, medical and office furniture industries. LCI Industries completed the acquisition via its wholly owned subsidiary, Lippert Components, Inc.

We are excited to add Lexington’s business and employees to our growing portfolio of furniture solutions for the marine, RV and adjacent industries,” said LCI’s President Scott Mereness.

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Scott Mereness. Credit: LCI Industries.

LCI is the leading provider of furniture solutions for the RV towable industry, and with the addition of Lexington’s high quality products, design and manufacturing teams, and strong customer relationships, the leading supplier of pontoon furniture as well.”

LCI says that current Lexington President Jeff Wysong will remain with LCI and continue to lead Lexington.

LCI is a great strategic fit for our company as well as our customers, and I am excited to be a part of their dynamic team,” said Wysong.

LCI has vast resources and great teams that will certainly help strengthen Lexington as we combine with LCI’s marine divisions to offer even better solutions to the marine market and its customers.”

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Jason Lippert. Credit: LCI Industries.

Our combined marine furniture team is talented and innovative, as well as experienced in managing growth,” said Jason Lippert, LCI’s Chief Executive Officer.

Lexington is our largest acquisition in the past 20 years, and is representative of our strategy of quickly assembling a portfolio of companies and products that will help us become a major contributor to marine component designs and solutions. We expect to leverage our purchasing, sales, distribution and administrative capabilities to improve the profitability of this business, and we expect this acquisition to be immediately accretive to LCI’s earnings.”

LCI 1 year look. Credit: Bloomberg.

LCI is one of the various manufactured housing industry-connected stocks monitored each business day on the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

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Drew Industries Announces Big Change for Dec 30th, 2016

December 20th, 2016 Comments off

Credit: Drew Industries.

Drew Industries Incorporated (NYSE: DW) has announced that its Board of Directors has approved changing the Company’s corporate name to “LCI Industries.

Through its wholly owned subsidiary Lippert Components, Inc. (LCI) and its subsidiaries, Drew Industries supplies a broad array of components for the leading OEMs of recreational vehicles (RVs) and adjacent industries, as well as the aftermarkets of these industries.

Lippert Components’ business has grown considerably over the past decade, and the new corporate name was selected to better align the investment community with the strength of the LCI brand in the industries it serves.

The name change will be effective on December 30, and the Company has reserved the ticker symbol “LCII“, said the press release via Seeking Alpha.

The Company’s common stock will begin trading on the New York Stock Exchange (NYSE) under its new name and trading symbol effective January 3, 2017.

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Drew Industries at the NYSE. Credit: Drew Industries.

Drew Industries tells the Daily Business News that outstanding stock certificates will not be affected by the name change and will not need to be exchanged.  All stock trading, filings and market-related information will be reported under the new corporate name and trading symbol.

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Credits: Drew, Atwood, eppm.

Drew Industries supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe, and recently completed its acquisition Atwood Mobile Products. That story is linked here.

Drew Industries is also one of the various industry-connected stocks monitored each business day in the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

 

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Patrick Industries, Drew Industries Announce Executive Moves

September 28th, 2016 Comments off

Patrick Drew Logos Images posted Daily Business News, MHProNewsPatrick Industries (NASDAQ: PATK) and Drew Industries (NYSE: DW)  – both based in Elkhart, Indiana- made executive level moves today.

Patrick announced, effective immediately, Jeffrey M. Rodino, Executive Vice President of Sales and Chief Operating Officer, assumes the newly created position of Executive Vice President of Sales and Chief Sales Officer.

Kip B. Ellis, Vice President of Market Development, will assume the position of Executive Vice President of Operations and Chief Operating Officer.

We continue to align our talent to maximize focus and capacity to position ourselves to most effectively serve our customer base,” said Todd Cleveland, Patrick Industries CEO.

Jeff has a proven track record of executive leadership and accomplishment in our organization and will help drive our efforts to strategically grow our overall business model and expand our customer base and product line offerings.

 

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Kip, who also has a proven track record and background in executive leadership in the industry, will work side by side with Jeff to strategically align our focus on maximizing efficiencies, cross-selling opportunities, and operating performance,” said Cleveland.

Rodino joined Patrick Industries in 2007, rising to his most recent role in March 2013. Ellis joined Patrick in April of this year.

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Drew Industries announced that David M. Smith, Chief Financial Officer, will be leaving the company to pursue other opportunities. Smith joined the company as CFO in September 2015, and will continue to work with the company through the end of the year to support an orderly transition.

The company also announced that Brian Hall has been names interim CFO, effective immediately. Hall will serve in the role until the Drew Board of Directors elects the departing Mr. Smiths’ replacement.

Hall joined the company in 2013.

On behalf of all of us here at Drew Industries, Lippert Components, Inc., and our Board of Directors, I want to thank David for his service during the past year and wish him the best in his future endeavors,” said Jason Lippert, CEO of Drew Industries.

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To see the entire Manufactured Housing Industry related stock market report for last night, please click here.

Both companies lead gains for the MH stock index, and recorded solid increases in stock price after the announcements. Drew Industries was up over 3% and Patrick Industries up over 4%. Both companies are part of the Daily Business News’ manufactured housing industry market report.

As Daily Business News and MHProNews readers know, Patrick Industries is a leading manufacturer of building products and materials to the Recreational Vehicle and Manufactured Housing Industries in the United States.  The firm was founded in 1959. We recently featured their win at INVESTIndiana here.

Drew Industries (who finished second at the INVESTIndiana event) has also been in the news lately and supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe. ##

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews.

 

Drew Industries Included in Top 50 U. S. Manufacturers

July 14th, 2016 Comments off

drew_industries_logo postedDailyBusinessNewsMHProNewsTwo Elkhart, Indiana-based companies involved in the production of recreational vehicles (RV) have been named to the list of the nation’s best 50 manufacturers. IndustryWeek, a national trade publication, annually ranks manufacturers on factors that include total revenue, growth and inventory turnover.

RV manufacturer Thor Industries was named fifth in the nation, and based on what southbendtribune tells MHProNews, Drew Industries, Inc. (NYSE:DW), the parent company of Lipppert Components, was ranked 11th. Drew is a component supplier to the manufactured home and RV industries.The only other ranked Indiana-based company was Lafayette-based Wabash National Corp.

Apple Inc., Polaris Industries, Inc., and Deluxe Corp took the top three spots, in that order. Drew is a publicly-traded stock that MHProNews follows on its daily stock report, as seen here for July 14. ##

Lippert Celebrating 60 Years in Business

May 24th, 2016 Comments off

lippert components  rvbusiness creditBeginning in 1956, Lawrence “Larry” Lippert sold galvanized and aluminum roofing products to the manufactured housing industry, as tradeonlytoday tells MHProNews. Now celebrating its 60h birthday, Lippert is part of Drew Industries, Inc., which has grown into a billion dollar annual business today, producing and distributing component parts to the manufactured housing (MH), recreational vehicle (RV), trailer, bus, marine and heavy truck industries.

With 40 acquisitions under its belt within the last 16 years, Lippert Components and Drew Industries CEO Jason Lippert oversees 7,000 employees and 45 facilities in the U. S., Canada and, as MHProNews reported May 5, 2016, in Italy where the company acquired an RV accessories and specialty manufacturer.

Lippert, thanking the employees and the customers, said the company intends to continue expanding its core MH and RV markets, as it commits more resources to expanding its aftermarket segment. At the same time, Lippert seeks attractive acquisition opportunities. ##

(Image credit: RVBusiness)

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

Drew Wastes no Time Moving on Europe

May 5th, 2016 Comments off

Italy_caravanning____aicshow__creditFollowing a story MHProNews posted April 29, 2016 regarding Drew Industries increasing its line of credit from $100 million to $200 million, with up to $50 million earmarked for approved foreign currencies, the component supplier to the manufactured home (MH) and recreational vehicle (RV) industries, has acquired Project 2000 S.r.l., a Florence, Italy producer of accessories and other specialty products for RVs.

Shelling out $18.8 million for the company that had sales last year of $12 million, Jason Lippert, CEO of Lippert Components and its parent company, Drew Industries, Inc. (NYSE:DW), said Drew has been working for three years to find an entry into the European caravan market. Davide Nardini and his wife, Susanna Azzolini, in 1995 began Project 2000, developing a motorized step that has become a mainstay in the European caravan industry.

They have engineered other items, including a top quality, space-saving bed lifting system that is now used by many U. S. manufacturers, according to prnewswire.

Said Lippert: “LCI’s strength in the North American RV market has always been the introduction of new and innovative products that enhance the mobile lifestyle. We plan on bringing more products and choices to the European market, and we expect to provide Project 2000 the necessary resources to develop these products.”

Drew manufactures and distributes a wide variety of products from 45 facilities across the U. S. and Canada, and now Italy as well. ##

(Photo credit:aicshow–Italian caravan)

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

Drew Industries Declares Quarterly Cash Dividend

March 19th, 2016 Comments off

drew_ind_2_logoThe Board of Directors of Drew Industries, Inc. (NYSE:DW) of Elkhart, Indiana has declared a cash quarterly dividend of $0.30 per share of common stock, as prnewswire tells MHProNews.

Payable on April 15, 2016 to shareholders of record as of the close of business on April 1, 2016, Drew’s CEO, Jason Lippert, said, “We are pleased to demonstrate our continued commitment to shareholder value through the establishment of a regular quarterly dividend.”

David Smith, Drew’s CFO, added, “Our strong balance sheet and consistent cash flow not only enable us to initiate regular quarterly dividend payments, but also position us to continue the successful execution of our strategy to grow sales through acquisitions, greater market share, and innovative new products.”

Through its wholly-owned subsidiary, Lippert Components, from 44 production and distribution facilities across the U. S. and Canada, Drew supplies a variety of 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.

Drew Draws another Floater from the Boaters

January 27th, 2016 Comments off

drew_ind_2_logoMHProNews has learned from streetinsider that Lippert Components, Inc., the wholly-owned subsidiary of Drew Industries, Inc. (NYSE:DW) has acquired the pontoon furniture manufacturing business of Highwater Marine, LLC, which is a leading manufacturer of pontoon boats and other recreational marine craft. Both Drew and Highwater are situated in Elkhart, IN.

Highwater’s boat brands were recently acquired by Bennington—also in Elkhart– the largest manufacturer of pontoon boats in the U. S. following its acquisition of Nautic Global Group. Highwater’s estimated revenue from the marine furniture business for 2015 was $20 million.

Lippert paid $10 million for Highwater, in addition to which the two firms entered into a five-year supply agreement.

Drew’s President, Scott Mereness, said, “Building on our August 2015 acquisition of Signature Seating in Fort Wayne, Indiana, this acquisition will further expand our marine furniture capacity by adding the Highwater manufacturing facility in Elkhart to the LCI footprint. We are excited to partner with Bennington on the transition of its Highwater furniture business and to strengthen our position in the marine furniture market.”

Mereness added, “We estimate that the market size for pontoon boat furniture is approximately $125 million, and we expect this acquisition to be immediately accretive to Drew’s earnings.”

MHProNews knows Drew Industries as a component supplier 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.

Drew Director sells 6,000 Shares

November 16th, 2015 Comments off

leigh_j_abrams__chairman__drew_ind__directorsandboardsIn a transaction dated Nov. 11, 2015, Drew Industries (NYSE:DW) Director Leigh J. Abrams sold 6,000 shares of Drew stock at $59.27 per share for a net value of $355,620.00, according to a filing with the Securities and Exchange Commission. Mr. Abrams now owns 74,506 shares valued at $4,415,970.62, according to dakotafinancialnews.

The stock has a 52-week low of $45.76, a 52-week high of $65.21, a market cap of $1.42 billion and a P/E ratio of 20.57. The stock’s 50-day moving average is $58.26 and the 200-day moving average is $57.91. On Fri., Nov. 14 Drew’s stock closed down -$0.02 at $58.66.

In its last quarterly earnings as of Nov. 3, 2015, Drew reported revenue for the third quarter of $345 million as compared to consensus estimates of $333.14 million, posting a 17.3 percent revenue increase over the same quarter of last year.

Through its wholly-owned subsidiary, Lippert Components®, MHProNews understands Drew produces and supplies components to the manufactured housing and recreational vehicle industries from 37 facilities across the country. ##

(Photo credit: directorsandboards–Leigh J. Abrams)

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

Lippert Seeking Tax Abatement for Newly Acquired Plant in Indiana

September 28th, 2015 Comments off

drew_ind_2_logoFollowing a story MHProNews posted Aug. 20, 2015 regarding the purchase of Signature Seating in New Haven, IN by Lippert Components, Inc. of Elkhart, IN, kpcnews reports the $16 million acquisition also includes a plant in Auburn, IN where Lippert will invest $800,000 in new equipment.

While Lippert is seeking a reduction in taxes of $19,000 at the New Haven factory where it intends to invest $678,160, the wholly-owned subsidiary of Drew Industries, Inc. will request a property tax abatement for $750,000 in machinery and $50,000 in transportation equipment at a meeting Oct. 5 in Auburn City Hall.

Signature makes furniture for fresh-water marine craft, particularly pontoon boats, and Scott Mereness, president of Drew, said, “Beyond the marine market, we expect to utilize the Signature team to develop furniture solutions for the RV motor home market as well.

The tax incentive application for the Auburn facility reveals the Auburn plant has 30 employees with an annual payroll of $813,000.

Drew Industries, with 42 locations nationwide, is a component supplier 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.