Thor Set to Become Largest RV Maker in The World

Posted: Updated:
(Image courtesy of Erwin Hymer Group.) (Image courtesy of Erwin Hymer Group.)
ELKHART -

Elkhart-based Thor Industries Inc. (NYSE: THO) has announced an agreement to acquire a German recreational vehicle manufacturer for approximately $2.4 billion. Once complete, Thor says the deal for Erwin Hymer Group SE will create the world's largest RV maker. EHG currently employs more than 7,300 globally and its RVs are sold through a network of over 1,200 retailers. The companies say they expect no change in employee headcount or number of facilities as a result of the acquisition.

Thor Chief Executive Officer Bob Martin says EHG has "an unparalleled history and reputation." He adds "this transaction provides Thor a unique opportunity to grow with the European RV market leader. The transaction gives us access to a new market with favorable macro and secular trends affecting RV demand similar to those we have seen in North America. In addition, we see numerous areas for near-term and long-term synergies between the Erwin Hymer Group and our existing subsidiaries and are eager to begin working with the entire Erwin Hymer Group."

EHG Chief Executive Officer Martin Brandt will remain the company's leader after the acquisition closes and will report directly to Martin. Thor's board of directors has approved the transaction, but the deal -- expected to close by year's end -- still needs regulatory approvals. Thor says the Erwin Hymer Group brand will continue.

In 2016, Thor acquired Middlebury-based RV manufacturer, Jayco, for $576 million. In June, Thor detailed an increase in fiscal third quarter net income. You can connect to more about the acquisition by clicking here. Inside INdiana Business will continue its coverage of the deal in the Inside Edge enewsletter.

  • Perspectives

    • Ahh…Yes! Turning a Hot Mess into a Cool Breeze

      "Problems cannot be solved by the level of thinking that created them," is attributed to Einstein over 75 years ago. This still holds true, particularly in challenging communications. Many people address conflict at the level it was created by rehashing and building more evidence for their ‘side’ of an argument. Repeating a position tends to intensify the separation of people.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to IU, Second Largest in School History

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • Purdue Global Now Offers Analytics Degree

      The U.S. Bureau of Labor Statistics reports that jobs in the field of data analysis are projected to grow 26 percent over the next ten years. Acting upon that data, Indianapolis-based Purdue University Global has launched a new Bachelor of Science degree program in analytics. 

    • The multi-year road project stretched from Bloomington to Indianapolis.

      I-69 Road Project Update

      The Indiana Department of Transportation has scheduled three public meetings for next week to update the community on the I-69 Section 6 road project.    Section 6 is an approximately $1.5 billion new interstate project stretching from Martinsville to I-465 in Indianapolis.

    • (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

      Shelbyville Unveils Major Downtown Redevelopment

      The city of Shelbyville is announcing what it calls a major downtown redevelopment project to boost overall quality of life. The project plans feature green spaces, increased parking, market-rate housing, and infrastructure for public entertainment and community events.