Posts Tagged ‘Thor Industries’

Livin' Lite Travel Trailer

Livin’ Lite Travel Trailer

Thor Industries announced Tuesday that it acquired the assets of  recreational vehicle maker Livin’ Lite through a wholly-owned subsidiary. The purchase is subject to customary closing conditions and is expected to be completed by Aug. 30, 2013.

“We are pleased to welcome Livin’ Lite to the Thor family of RV brands. Adding such a creative RV maker to Thor’s strong stable of brands will enable us to expand our industry-leading position in new product development into camping trailers and truck campers,” said Bob Martin, Thor president and chief executive officer.

“We see many opportunities for expanding Livin’ Lite’s market presence through the Thor dealer network, and the ability to leverage their lightweight aluminum and composite construction technology in other Thor products. This transaction represents a solid example of executing our strategic plan to grow our RV presence through the acquisition of brands and technologies that complement our existing business.”

Founded by former Heartland executive Scott Tuttle, Wakarusa, Ind.-based Livin’ Lite is known for its advanced lightweight aluminum construction applied to a variety of smaller RVs, including travel trailers, toy haulers, camping trailers and truck campers. Livin’ Lite also markets its products in partnership with a number of leading consumer brands including Jeep. Having recently been named to Inc. magazine’s list of fastest growing companies for the third consecutive year, Livin’ Lite is expected to generate sales of approximately $24 million for calendar year 2013.

“We are excited to join forces with Thor, the leading company in the RV industry, and we are looking forward to the new growth opportunities we should see as a result,” said Scott Tuttle, president, CEO and founder of Livin’ Lite. “We have worked diligently to grow Livin’ Lite over the past five years and expect to extend that growth as we bring the distribution, operational and financial strengths of Thor to bear on our business. As the newest company to join Thor, we also expect to add to our combined development efforts as we apply our proprietary technology to a broader array of existing product lines and bring our combined market strength to camping trailers and truck campers.”

Thor expects to offer Livin’ Lite’s current 35 models to its current dealer network upon closing of the transaction. The Company expects Livin’ Lite will continue to operate out of its existing Wakarusa facilities with minimal disruption to its current business resulting from the acquisition.

For more information about Thor Industries, Inc., visit www.thorindustries.com.

Thor Industries LogoThor Industries, Inc. announced expansion plans to support the ongoing growth of its businesses. Thor Wakarusa LLC, a wholly owned subsidiary of Thor Industries, purchased the recreational vehicle (RV) production campus in Wakarusa, Indiana that was formerly operated by Navistar International Corporation. The land and production facilities, including certain related equipment, are to be purchased from a company owned by New York-based American Industrial Partners (AIP).

Bob Martin, Thor President and Chief Operating Officer, commented, “This purchase marks an important step forward in the growth of our RV business. With this new production complex, we will be better positioned to achieve our long-term strategic growth initiatives. Even more compelling, this purchase will allow us to expand capacity faster and at a lower cost than other options. We are excited about the future prospects of reinvigorating the Wakarusa facilities.”

The purchased facilities are comprised of nearly one million square feet of total production space located on more than 150 acres located in Wakarusa, Indiana. In addition to the production space, the complex includes more than 35 paint booths designed specifically for painting recreational vehicles. Initially, Thor plans to use the facilities for motorized production to better enable Thor Motor Coach to meet current and expected demand, and to vertically integrate paint operations through a facility operated by Thor’s Keystone subsidiary. The facility includes space that offers the potential for additional production as well. Thor expects to finalize transition planning once the seller exits the facilities which is expected to occur late this summer.

 

Thor President Bob Martin (right) and Darryl Searer (left), Hall of Fame president.Thor President Bob Martin (right) and Darryl Searer (left), Hall of Fame president.

Thor President Bob Martin (right) and Darryl Searer (left), Hall of Fame president.Thor President Bob Martin (right) and Darryl Searer (left), Hall of Fame president.

Bob Martin, president and COO of Thor Industries, Inc., recently made a personal contribution of $5,000 toward the RV/MH Heritage Foundation’s “Burn the Bank Note” campaign. He presented his check in December following Indiana Governor Mitch Daniels’ visit to the RV/MH Hall of Fame and Museum (Hall) when the Governor presented his 2004 campaign motorhome to the museum which is on loan from the Indiana State Museum.

Thor Industries sponsored the presentation of the event.

Martin said, “The RV museum is a wonderful testament to the innovators and product innovations that have made the RV industry successful and resilient for over 100 years. We are proud to support this beautiful display of vintage and historically significant RVs.”

Hall President Darryl Searer said, “Bob’s personal donation is evidence that his commitment to the Hall’s success goes beyond Thor Industries’ continuing support. In addition to this contribution Bob was a driving force in Thor’s decision earlier this year to contribute $25,000 and another $25,000 from the Thompson Family Foundation Inc., a charitable foundation created by Wade F.B. Thompson, Thor co-founder.”

The “Burn the Bank Note” campaign’s goal is to raise $150,000 in voluntary contributions by April 30, 2013. If that goal is reached the Robert “Boots” Ingram family has offered a $50,000 challenge grant, and that would pay off the Hall’s bank note to 1st Source Bank.
Searer said that the bank loan to 1st Source Bank has gone from $840,000 in early 2012 to only about $200,000 now.

Searer said, “Since the RV/MH Heritage Foundation is a 501-c3 not-for-profit corporation, all donations are tax deductible. Donors can use our federal ID#: 35-1610362.to verify that we are a 501-c3 not-for-profit corporation in good standing with the IRS.

“Gifts may be made by mail, in person at the Hall, by phone at (800) 378-8694, or through the Hall’s web site: www.rvmhhalloffame.org.”

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