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News Breaks | | | | February 12, 2013 | | 16:17 EDT |  | DW | Drew 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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