GOSHEN, Ind., July 12, 2012 /PRNewswire/ -- Kinro, Inc., a leading supplier of components for the RV industry, announced today that it acquired the thermoforming design and production operation of Agile Vehicle Modifications.
Agile, which has annual revenues of less than $1 million, produces thermoformed plastic components and tooling largely for the OEM and aftermarket vehicle market.
"Kinro's existing thermoforming capability will be substantially expanded company-wide as a result of this acquisition," said Jason Lippert, Chairman and CEO of Kinro. "Now we can provide thermoformed products in Northern Indiana to meet our customers' needs."
Scott Mereness, President of Kinro added, "Agile's focus on thermoformed products for the OEM and aftermarket vehicle market fits perfectly with our continuing expansion into the specialty markets."
The acquisition price was $0.3 million paid at closing, plus up to an additional $150,000, depending on sales of this acquired operation for one year. The operation will initially be conducted at Agile's existing facility in Elkhart, Indiana which was leased to Kinro.
About Lippert Components and Kinro
Kinro and Lippert Components, Inc., its sister company, subsidiaries of Drew Industries Incorporated (NYSE: DW), supply a broad array of components for RVs, manufactured homes, including chassis, chassis parts, RV slide-out mechanisms, axles, upholstered furniture, mattresses, windows, doors, and thermoformed products. Additional information about Lippert Components and Kinro can be found at www.LCI1.com and www.Kinro.com.
Contact: Scott Mereness, President Kinro, Inc. (574) 535-1125 www.LCI1.com
SOURCE Drew Industries Incorporated