Drew unit buys maker of electric steps
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- May
- 22
Drew Industries Inc. of White Plains, a manufacturer of parts for recreational vehicles and manufactured housing, said today that a subsidiary has purchased a maker of electric steps for motorhomes.
Drew’s Lippert Components has acquired Fort Worth, Texas-based Coach Step for $3 million in cash.
Leigh J. Abrams, Drew’s president and chief executive, said the deal will immediately add to earnings.
Lippert Components will continue to make Coach Step products in the Texas plant for the next two to three months, but then will move production to one of its own plants in Indiana. Drew expects that step to lead to cost savings.
The company estimates the total market for electric steps to be $10 million to $15 million. Coach Step reported sales of about $2 million in 2006.
This entry was posted
on Tuesday, May 22nd, 2007 at 5:38 pm by Julie Moran Alterio.
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Category: Mergers & acquisitions
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