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.