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Stock Market & Financial Investment News

News Breaks
February 12, 2013
16:16 EDTDWDrew Industries CEO Zinn to retire May 10, Lippert to succeed
Drew Industries announced today that Fred Zinn, President and Chief Executive Officer, will retire effective May 10. Jason Lippert, Chairman and Chief Executive Officer of Lippert Components and Kinro, subsidiaries of Drew, has been named to succeed Zinn as CEO of Drew. This transition is the result of a succession process initiated by the board in 2011. Scott Mereness has been appointed President and Chief Operating Officer of Drew effective May 10. Mereness will continue to serve as President of Lippert and Kinro, as he has since 2010.
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January 27, 2016
07:34 EDTDWDrew Industries acquires Highwater Marine furniture division for $10M
Drew Industries' wholly-owned subsidiary, Lippert Components, has acquired the business and certain assets of the pontoon furniture manufacturing operation of Highwater Marine, a manufacturer of pontoon and other recreational boats located in Elkhart, Indiana. The boat brands comprising Highwater's businesses were recently acquired by Elkhart-based Bennington, the largest manufacturer of pontoon boats in the U.S., through its acquisition of Nautic Global Group. Revenue of the marine furniture business acquired from Highwater Marine for the twelve months ended December 2015 was estimated to be $20M. The purchase price was $10.0M, paid at closing from borrowings under the company's $100 million line of credit. Additionally, the parties also entered into a five year supply agreement as part of the transaction. The company estimates that the market size for pontoon boat furniture is approximately $125M, and expects the acquisition to be immediately accretive to Drew's earnings.

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