WHITE PLAINS, N.Y., Aug. 8, 2011 /PRNewswire/ -- Drew Industries Incorporated (NYSE: DW), a leading supplier of components for recreational vehicles (RV) and manufactured homes, today announced that its wholly-owned subsidiary, Lippert Components, is preparing to launch a newly developed line of RV awnings. This new product line will be formally introduced in late September at the open house events held by RV manufacturers in Indiana.
The awnings will be manufactured in one of Lippert Components’ existing facilities in Goshen, Indiana, and will be available in both manual and electric versions. Todd Driver, VP of Operations – RV Products, and Steve Jenkins, Director of Manufacturing for RV Accessory Products, and his operating team, will provide the manufacturing leadership for this product line. The Company plans to market the awnings directly to RV manufacturers, as well as through aftermarket distributors.
“As with our previous product introductions, the RV awning product line has been designed to add significant value for the RV owner, and the awnings will be priced to provide value to our customers, the RV manufacturers,” said Jason Lippert, CEO of Lippert Components. “By pricing the product right, providing more durable components, and offering innovative features and options not generally found in the marketplace, we expect to capture market share in this $100 million plus market.”
“The raw materials, components, and manufacturing processes used in awnings are very similar to those we use extensively in our existing product lines, so we will be able to quickly ramp up production and efficiencies,” said Scott Mereness, President of Lippert Components. “Further, with our previously announced aluminum extrusion facility, scheduled to open late in the third quarter of 2011, we will be able to produce the extruded aluminum components used in our awnings. Additional information about the aluminum extrusion project will be forthcoming.”“The RV awnings are another step forward in our long-standing strategic plan of profitable growth through new product introductions, acquisitions and market share gains,” added Jason Lippert. “The introduction of this exciting product line follows two accretive acquisitions we made so far this year, which added an aggregate of nearly $25 million in annual sales. We will continue to pursue similar opportunities, both through internal development and acquisitions.” About Drew Drew, through its wholly-owned subsidiaries, Kinro and Lippert Components, supplies a broad array of components for RVs and manufactured homes, including windows, doors, chassis, chassis parts, bath and shower units, axles, and upholstered furniture. In addition, Drew manufactures slide-out mechanisms for RVs, and trailers primarily for hauling boats. Currently, from 28 factories located throughout the United States, Drew serves most major national manufacturers of RVs and manufactured homes in an efficient and cost-effective manner. Additional information about Drew and its products can be found at www.drewindustries.com . Forward-Looking Statements This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities for existing products, plans and objectives of management, markets for the Company’s Common Stock and other matters. Statements in this press release that are not historical facts are “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933.
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