Drew Industries Inc., a White Plains-based component supplier for recreational vehicles, announced its wholly owned subsidiary, Lippert Components Inc. acquired the assets and business of Seating Technology Inc., a manufacturer of products for towable RVs in Goshen, Ind., and its affiliated companies.
“We look to Seating Technology to continue to gain market share, despite the difficult conditions in the RV industry,” said Leigh J. Abrams, CEO of Drew Industries.
The purchase price of $28.4 million was funded from available cash and Drew Industries expects the acquisition to be immediately accretive to earnings.
“With these new product lines, we expect to leverage our extensive marketing and distribution capabilities to our existing customers, many of whom Seating Technology does not presently sell to,” said Jason Lippert, president and CEO of Lippert Components.
Seating Technology”™s sales in 2007 were approximately $40 million, up from $11 million in sales in 2003.
Joel DeVries, vice president of Seating Technology, will be responsible for day-to-day operations while reporting to Lippert. Rick Finnigan, majority owner of Seating Technology companies, entered into a three-year consulting contract.
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