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February 12, 2013
16:17 EDTDWDrew Industries to relocate headquarters, take $3.3M charge
Drew announced the relocation of its corporate headquarters from White Plains, New York to Elkhart County, Indiana, the location of the corporate headquarters of Lippert Components and Kinro, and where more than 80% of all RVs produced in the U.S. are manufactured. Consolidating Drew's corporate functions with its Indiana-based manufacturing operations will be both cost-effective and result in an even greater exchange of ideas and expertise between Drew's management team and executives across the RV and manufactured housing industries, the company said. As a result of Drew's leadership transition and corporate relocation, the company will record a pre-tax charge of approximately $3.3M, including $1.5M in Q4 of 2012, and the balance in the first and second quarters of 2013, related to contractual obligations for severance and the acceleration of equity awards. Upon completion of the transition, the company will save an estimated $2M annually in general and administrative costs.
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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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