"We are pleased to acquire the business, facility, and paint and metal fabricating equipment of EA Technologies," said Drew's President Scott Mereness. "We believe the EA Technologies relationships in the bus, automotive, medium-duty truck, and trailer markets will help accelerate our industry diversification and product innovation, which are part of our long-term plan for strategic growth. This acquisition also provides us with the facility and equipment capacity, as well as the additional personnel, to expand our fabricating and coating operations."
The purchase price was $9.4 million, of which $6.8 million was paid in the fourth quarter of 2014, with the balance paid at closing, from borrowings under the Company's $75 million line of credit.
Dennis Marcott, Manager of EA Technologies, who will not remain with the business, expressed confidence in the future of EA Technologies as part of LCI. "EA Technologies is very well situated to supply components to the industries it serves," said Marcott. "The EA Technologies business is a natural fit for Lippert Components, and I am confident that Lippert Components will invest in this business for the long term and provide strong customer service, as well as new innovative components and services."
About Drew Industries
From 37 factories located throughout the United States, Drew Industries, through its wholly-owned subsidiary, Lippert Components®, supplies a broad array of components for the leading manufacturers of recreational vehicles and adjacent industries including buses; trailers used to haul boats, livestock, equipment and other cargo; truck campers; truck caps; manufactured housing; modular housing; and factory-built mobile office units. Drew's products include steel chassis; vinyl and aluminum windows; slide-out mechanisms and solutions; axles and suspension solutions; furniture and mattresses; thermoformed bath, kitchen and other products; manual, electric and hydraulic stabilizer and lifting systems; chassis components; entry, luggage, patio and ramp doors; electric and manual entry steps; awnings and slide toppers; electronic components; and other accessories. Additional information about Drew and its products can be found at www.drewindustries.com