Posts Tagged ‘towable RV’

The  Recreation Vehicle Industry Association (RVIA) reported wholesale shipments of all RVs were 19,100 units for October 2011 which was ahead of last month by 12.4% and 15.1% ahead of this same month last year.

Gains were recorded in both conventional travel trailers and fifth-wheels while other categories were even with or slightly less than the totals reported for those categories in October 2010.

Year-to-date, total shipments rose to 219,100 units through October this year, up 4% from this same 10-month period last year. Towable RV units increased by 4.3% while motorhomes were up 1.4% through October. On a seasonally adjusted basis, all RV shipments were at an annualized rate of 247,800 units through October this year.

PNC Bank out of Indianapolis filed suit Oct. 18 to take possession of Carriage, a well-respected RV builder that owes the bank more than $5 million. The suit came a day after 180 Carriage workers were furloughed at the financially troubled firm.

The bank is demanding immediate payment of overdue loans from the bank, which maintains in the suit in Elkhart County Superior Court I that Carriage owner Glenn Cushman has been in default of his financial obligations to PNC Bank from as far back as September of 2009, requiring the issuance of several loan extensions, The Goshen News reports.

A spokesmen for Carriage, which manufactures the Cabo, Cameo, Carri-Lite and Royals International towable RV lines at its rural Elkhart County complex, feel they haven’t gotten a fair shake from a mega-bank that isn’t really interested in a workable plan and the general welfare of one small Hoosier town.

“We’ve got a bunch of units sitting off line, short parts,” he added, “and everything we’ve got in the system right now is retail sold to be delivered to customers. I mean, that’s what’s crazy.”

In a, Oct. 22 report in  The Goshen (Ind.) News the  bank may be open to a deal to turn the company around, according to a Carriage consultant quoted in the front-page article.

“We got to have our meeting with the bank,” Rick Van Es, a business turnaround consultant, said Friday afternoon. “I think we are on a positive track right now.”

Van Es said there is still a lot of work to do on working out a restructuring of the company that the bank will agree to.

And Van Es admits the Millersburg community is very worried about the possibility of losing a traditional company and the 200 jobs there.

Full Story…

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E PLAINS, N.Y., Feb. 18 — Drew Industries Incorporated reported that its wholly-owned subsidiary, Lippert Components, Inc., agreed in principle to acquire certain intellectual property and other assets from Michigan-based Schwintek, Inc.

The purchase would include several products for which patents are pending, including innovative RV wall slides that are considerably lighter, more space efficient, and even more reliable than previous RV slide-out designs.

“With our proven ability to manufacture and market quality products and provide excellent customer service, we are confident these products will quickly gain acceptance throughout the RV industry,” said Fred Zinn, Drew’s President and CEO. “Through this transaction, we would gain a significant opportunity to increase our content in both towable RVs and motorhomes.”

Level-Up™ System

In a separate transaction, Lippert Components today acquired the patent-pending design for a six-point leveling system for fifth wheel RVs. The purchase price was $1.4 million payable at closing, plus an earn-out depending on future unit sales of the system.
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