Drew Industries Declares Special Cash Dividend

Drew Industries, a leading supplier of components for recreational vehicles (RV) and manufactured homes, announced Thursday that its Board of Directors approved a special cash dividend of $1.50 per share of common stock. The dividend is payable on December 28, 2010 to stockholders of record at the close of business on December 20, 2010.  “This special dividend reflects the Board’s confidence in the financial strength of the Company, as well as the Company’s positive long-term outlook,” said Fred Zinn, Drew’s President and CEO. “Our strong cash balance and consistent cash flow provide us the opportunity and resources to take this tangible step in demonstrating our commitment to returning value to our stockholders.” The company says even after this cash dividend, aggregating approximately $33 million, Drew will have more than $30 million of available cash, no debt and substantial unused borrowing capacity. “Our strong balance sheet will enable us to continue our long-term strategy of growth through acquisitions, market share gains, and new product introductions,” added Zinn.

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