Elkhart, Indiana-based Drew Industries, Inc. (NYSE:DW) reports its wholly-owned subsidiary, Lippert Components, Inc. (LCI®) has acquired Roehm Marine, LLC, aka Signature Seating for $16 million. Headquartered in Fort Wayne, Indiana, Signature manufactures furniture for use in fresh water boats, specifically pontoon boats, as prnewswire informs MHProNews.
Drew’s President Scott Mereness said, “LCI’s growth in furniture solutions for the RV market has largely been due to a continual commitment to innovation, design and customer service. We believe that same approach will lead to similar results in the pontoon boat industry. Beyond the marine market, we expect to utilize the Signature team to develop furniture solutions for the RV motorhome market as well.”
Rob Roehm, Chief Executive Officer of Signature, who will continue with LCI, said, “Signature Seating will continue to flourish under the additional leadership of the LCI team.” Drew’s $100 million line of credit financed the purchase, as it continues to seek other investment opportunities.
Drew has 42 manufacturing facilities in North America from which it supplies components to the manufactured housing and recreational vehicle markets. The company’s stock closed down -0.02 percent in trading, Mon., Aug. 10, at $57.15. For Q2 ending June 30, 2015, Drew reported $0.85 per diluted share versus $0.77 per diluted share for the comparable period of 2014. ##
(Image credit: Drew Industries, Inc.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.