Drew Industries To Buy Seating And Chassis Component Business Of Atwood Mobile

(RTTNews) - Drew Industries Inc. (DW) said that its wholly-owned subsidiary, Lippert Components, Inc. or LCI, has agreed to acquire the business, manufacturing facility and certain assets of the seating and chassis component division of Atwood Mobile Products, a subsidiary of Dometic Group.

The purchase price is $12.5 million, which will be paid at closing from available cash. The transaction is expected to be completed in November 2016.

Based in Elkhart, Indiana, sales of the acquired business for the twelve months ended December 31, 2015 were approximately $30 million. This consisted of sales to OEMs, as well as significant aftermarket sales.

Scott Mereness, President of LCI said, "Atwood's chassis hardware products are a natural fit for LCI. Additionally, we expect the seating frame business will create new synergies in our RV and Marine furniture businesses."