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Posts Tagged ‘subsidiaries’

Universal Acquires Concrete and Lumber Supplier

October 8th, 2013 Comments off

Grand Rapids, Michigan-based Univesal Forest Products Inc. (NYSE:UFPI) is acquiring certain assets of SE Panel and Lumber Supply of South Daytona, Florida for an undisclosed dollar amount. According to businessweek.com, the acquisition, which adds products to its lineup and expands its reach, is expected to close next month. As MHProNews knows, UFPI is a holding company with subsidiaries that provide wood and wood alternative component products to the manufactured housing industry.

(Image credit: Universal Forest Products, Inc.)

Lippert and AL-KO Wrangling over Patent and Personnel

September 30th, 2013 Comments off

A legal dispute between two Elkhart, Indiana-based recreational vehicle (RV) suppliers is ramping up after U. S. District Judge Jon DeGuilio ruled AL-KO’s non-compete agreement is too broad. In moving from AL-KO to Lippert Components, inc., Larry Revelino had already agreed with both companies not to give away his former employer’s trade secrets, but AL-KO sued to prevent him from hiring on with Lippert. The judge ordered him not to recruit any of his former employer’s workers, customers or suppliers, but ruled AL-KO cannot prevent Revelino from working at Lippert. Two others including Revelino, who were all working on an in-wall slide system, have left AL-KO for Lippert since June 2013. In July Lippert filed a patent infringement claim alleging AL-KO’s wall system violates three patents; AL-KO says the patents are not valid. Vice president of tactical projects at AL-KO, Revelino’s new job at Lippert is director of international business relations. While the case continues in court,  etruth.com reports Judge DeGuilio wrote: “AL-KO has provided no evidence that Mr. Revelino has actually disclosed any trade secrets at this time, however. As to threatened disclosures, Mr. Revelino has acknowledged that he is prohibited from disclosing any confidential and/or proprietary information, and defense counsel has represented that Mr. Revelino has signed an agreement with Lippert preventing him from disclosing any of AL-KO’s confidential information.” As MHProNews knows, Lippert, along with its sister company, Kinro Inc. are subsidiaries of Drew Industries (NYSE:DW), and provide the manufactured housing industry with components.

(Image credit: CNNMoney)

Drew Industries Director sells Shares

September 27th, 2013 Comments off

Director at Drew Industries, Inc. (NYSE:DW) Edward W. Rose III sold 110,590 shares at $44.05 per share for a total of $4,871,901, according to wallcheatsheat.com. Sept. 26 Drew closed up +1.82% at 44.76. As MHProNews knows Drew is a component supplier to the manufactured housing and recreational vehicle industries through its subsidiaries, Lippert Components, Inc.  and Kinro, Inc.

(Image credit: Drew Industries, Inc.)

Drew Industries Makes the Grade

September 25th, 2013 Comments off

Combining the manufactured housing (MH) and recreational vehicle (RV) industries together, investors.com ranks the combination 19th out of 197 industry groups that Investors Business Daily (IBD) tracks. The group has seven members but only three are significant, MHProNews has learned. Manufactured housing’s sister business Thor Industries (THO) ranks number one, followed by Winnebago Industries (WGO) in the second spot, and Drew Industries (DW) fills out the third position due to its strong earnings growth over the last three years. Through its subsidiaries, Lippert Components, Inc. and Kinro, Inc., Drew supplies components to the MH and RV industries. Drew closed up in today’s trading, +0.32% to end the session at 43.84.

(Image credit: Drew Industries, Inc.)

Lippert Acquires 56 Acres for Future Expansion

September 19th, 2013 Comments off

MHProNews has learned Lippert components, Inc. (LCI) has purchased a 56-acre plot of land outside the Goshen, Indiana city corporate limit, but adjacent to the city corporate lines, for future company use. LCI is a component supplier to the the manufactured housing and RV industries, according to rvbusiness.com, as well as to the cargo/horse trailer industry. The company will be responsible for water and sewer hook-up fees as well as for inspections of those lines. The Goshen City Council approved a request for annexation. LCI, with its sister company Kinro, Inc., are subsidiaries of Drew Industries, Inc. (NYSE:DW).

Atco Sells its Half of Modular Venture

September 13th, 2013 Comments off

Producer of modular workforce buildings, mobile offices, and permanent modular buildings, Canada’s Atco Ltd. has sold its half of the joint venture in South America with Tecno Fast to its partner for Canada $124 million. The sale includes assets in Brazil, Chile, Colombia and Peru, according to winnipegfreepress.com. With 8,800 employees worldwide, and clients in over 100 countries, as MHProNews has learned, Atco Structures and Logistics has other working subsidiaries in South America and may re-enter the modular market at a later date.

(Photo credit: dl-online.com–Homark Homes modular bunkhouse)

Modular Builder Declares Dividend

August 16th, 2013 Comments off

Canada’s Black Diamond Group Limited has declared a dividend of $0.07 cents a common share payable Sept. 16, 2013 to shareholders of record as of Aug. 30, 2013. Through its subsidiaries the company rents and sells modular workforce housing and buildings to projects in remote areas, and provides supportive services for those locations. It feeds into a number of industries including oil and gas, mining, power, construction, engineering, military, government and education As MHProNews has learned from marketwire, based in Calgary, Alberta, Black Diamond has 17 facilities across the U. S., Canada and Australia.

(Photo credit:globalregina/modular man camp)

Drew Industries Sets Sales Record for Q2 2013

August 7th, 2013 Comments off

Drew Industries, Inc. reports sales for Q2 2013 increased to a record $287 million, a 14 percent increase over the same period in 2012, resulting in net income of $15.9 million, not including an after-tax charge of $0.4 million related to executive succession which would have been $16.3 million in income. This represents an increase of 39 percent over the $11.7 million net income for the same period of 2012. The rise in net sales for Q2 was the result of a 16 percent increase in the company’s RV segment, according to a report from sacbee.com. Additionally, sales for July, 2013 rose 13 percent above the comparable period in 2012, again reflecting demand for recreational vehicle (RV) product, although Drew estimates production of manufactured housing industry-wide rose five to ten percent over 2012. As MHProNews knows, through its wholly-owned subsidiaries Kinro Inc. and Lippert Components, Drew provides numerous components for the manufactured housing and recreational vehicle industries.

(Image credit: Drew Industries, Inc.)

Drew to Announce Q2 2013 Financial Results

July 23rd, 2013 Comments off

Supplier of components for the manufactured housing and recreational vehicle industries, Drew Industries, Inc. will release its 2013 Q2 financials prior to the opening of the market on Tue., Aug 6, 2013. That same day at 11 a.m. EST an interactive conference call limited to analysts and institutional investors will be held. A live webcast will be available for others at www.drewindustries.com, according to sacbee. Participants in the conference call will be Drew’s Chairman, Leigh Abrams; CEO Jason Lippert; and CFO and Treasurer, Joe Giordano. Now headquartered in Elkhart, Ind., as MHProNews knows, from 31 locations Drew operates through its wholly-owned subsidiaries, Lippert Components and Kinro.

(Image credit: Drew Industries, Inc.)

Drew Scores Well

June 5th, 2013 Comments off

According to dailyfinance, MH component supplier Drew Industries is quick at turning cash outflows into cash inflows, based on a formula that may be just as important as income in determining the financial health of a company. The cash conversion cycle (CCC) calculates days inventory outstanding to days sales outstanding, and then subtracts days payable outstanding to arrive at a number that is then compared to past performance of the company. As in golf, the lower the score the better. The 12-month trailing number for Drew is 55.7, 8.1 points better than its average of 63.8 days five-years ago. When measuring the numbers on a quarterly basis, Drew’s CCC trend also looks good: At 46.3 days, it is 8.8 days better than the average of the previous eight quarters. The formula is a good rule-of-thumb when checking out a stock. As MHProNews knows, Drew Industries, through its subsidiaries Kinro, Inc. and Lippert Components, Inc. provides numerous components to the manufactured housing and recreational vehicle industries.

(Image credit: Drew Industries, Inc.)