Lippert Components Announces Key Promotions at Seating Technology Operation

GOSHEN, Ind., Sept. 14 /PRNewswire-FirstCall/ -- Lippert Components, Inc., a subsidiary of Drew Industries Incorporated (NYSE: DW), announced today the following promotions at its Seating Technology and Michiana Mattress operations:

• Joel DeVries – Director of Operations for Seating Technology and Michiana Mattress
• Ryan Smith – Director of Sales for Seating Technology
• Shannon Angle – Director of Sales for Michiana Mattress
• Mark Taylor – General Manager for Seating Technology
• Paul Wagner – Director of Sourcing for Seating Technology and Michiana Mattress

"These highly skilled and experienced managers, along with their entire team, have done an outstanding job of leading Seating Technology and Michiana Mattress," said Jason Lippert, CEO of Lippert Components and Kinro. "Each of them has a tremendous passion for making our business the best it can be, by motivating our employees and understanding the needs of our customers. Under their guidance and direction, our furniture and mattress businesses have substantially increased their market shares and overall performance by providing our customers value through top-notch service and great design. At the same time, we've maintained very efficient manufacturing operations."

"Based on our success in growing these businesses in the Indiana region, we're now planning to expand into the Northwest," said Scott Mereness, President of Lippert Components. "We are currently exploring locations in the Northwest from which we can efficiently serve the key RV producers in that market."

"Seating Technology is also increasing its growth opportunities by expanding into an attractive new industry," added Matt Hazelbaker, National Operations Manager for Lippert Components. "Over the past few months, Joel DeVries and the Seating Technology management team have devoted a substantial amount of time and energy to developing, testing and marketing a line of seating products for transit buses. As a result of their efforts, we recently received initial orders for these products. The transit bus market presents an excellent opportunity for us, not only for seating products, but also for windows and other components."

About Lippert Components and Kinro

Lippert Components and Kinro supply a broad array of components for RVs and 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.

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.

Forward-looking statements, including, without limitation, those relating to our future business prospects, revenues, expenses and income (loss), cash flow, and financial condition, whenever they occur in this press release are necessarily estimates reflecting the best judgment of our senior management at the time such statements were made, and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by forward-looking statements. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. You should consider forward-looking statements, therefore, in light of various important factors, including those set forth in this press release, and in our subsequent filings with the Securities and Exchange Commission.

There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, pricing pressures due to domestic and foreign competition, costs and availability of raw materials, availability of credit for financing the retail and wholesale purchase of recreational vehicles ("RVs"), availability and costs of labor, inventory levels of retail dealers and manufacturers, levels of repossessed RVs, the disposition into the market by the Federal Emergency Management Agency ("FEMA"), by sale or otherwise, of RVs purchased by FEMA, sales declines in the RV industry, the financial condition of our customers, the financial condition of retail dealers of RVs, retention of significant customers, interest rates, and oil and gasoline prices. In addition, national and regional economic conditions and consumer confidence affect the retail sale of RVs.

SOURCE Drew Industries Incorporated