Transaction advances diversification strategy
to enable long-term outperformance
Details leadership structure for combined
Company
LCI Industries (NYSE: LCII) (the “Company”) today announced that
its wholly-owned subsidiary, Lippert Components, Inc. (“Lippert”),
a manufacturer and supplier of a broad array of highly engineered
components for the leading original equipment manufacturers
(“OEMs”) in the recreation and transportation product markets, and
the related aftermarkets of those industries, has completed the
previously announced acquisition of Furrion Holdings Limited
(“Furrion”), a leading distributor of a large range of appliances
and other products to OEMs and aftermarket customers in the
recreational vehicle, specialty vehicle, utility trailer, horse
trailer, marine, transit bus, and school bus industries.
Furrion has become a premier supplier of appliance, appliance
accessories, and audio-visual products since entering the RV
industry in 2007 and is best known for innovating new appliance
products and introducing state-of-the-art technologies into the
recreation space. Furrion’s robust catalog of electronics and
appliances complement Lippert’s OEM product roadmap by adding
audio-visual components, observation camera systems, a full range
of kitchen appliances, and energy and power management systems that
will allow Lippert to offer a wider range of products to the
industry.
“We are very excited to officially welcome Furrion to the
Lippert family. To further facilitate successful integration of the
Furrion team, we have made a number of a key leadership
appointments to position us for growth,” said Jason Lippert,
President and CEO of Lippert. “First, we have named Andrew Mock as
Senior Vice President of Furrion North America. Andrew has been
with Lippert since 2014, and during that time, he has held many
sales roles, most recently Vice President of Sales for Lippert’s RV
OEM Business. Throughout Andrew’s time at Lippert, he has
cultivated several key OEM relationships in the RV industry and was
critical in growing Furrion sales during the time of our
distribution relationship from 2015 through 2019. Andrew has a deep
knowledge of the products and customers in the RV OEM space, and I
am confident he will bring this expertise to drive future product
development in the space.”
Lippert continued, “Darren Ho will remain the CEO of Furrion
Asia. Darren will continue to oversee the development, sourcing,
and fulfillment of Furrion products, while supporting Lippert’s
efforts to scale our business overseas and advance growth in our
European and Australian markets. In addition to a great procurement
and quality team, Darren has a strong team of industrial designers
and engineers in Hong Kong who will support Furrion’s innovative
product development, to stay on the cutting edge of aesthetics and
functionality, which will be essential for the long-term success of
the Furrion brand.”
Ryan Smith, Group President of Lippert OEM North America,
commented, “Steven ‘Stevie’ Bell will remain Chief Technology
Officer of Furrion North America and Asia to drive innovation and
technology throughout the Furrion brand, while bridging the
technological gap between Furrion and Lippert products. Stevie’s
passion will help bring Furrion and Lippert products to the next
level, as we invest our resources into R&D and engineering to
expand the product pipeline for Furrion products in the coming
years, and Stevie is the right person to champion this
endeavor.”
“Furrion is extremely excited to join the Lippert family,” said
Darren Ho, Furrion Asia CEO. “Furrion’s success has been the result
of its great team members and partners. As we move forward, we
could not have found a more complementary partner to bring
Furrion’s products to the next level. Our history with Jason, Ryan,
and their teams, the culture at Lippert, and its proven track
record makes Lippert the perfect partner for us, and together we
hope to achieve amazing results.”
About LCI Industries
LCI Industries, through its wholly-owned subsidiary, Lippert,
manufactures and supplies, domestically and internationally, a
broad array of highly engineered components for the leading OEMs in
the recreation and transportation product markets, consisting
primarily of recreational vehicles and adjacent industries,
including buses; trailers used to haul boats, livestock, equipment,
and other cargo; trucks; boats; trains; manufactured homes; and
modular housing. The Company also supplies engineered components to
the related aftermarkets of these industries, primarily by selling
to retail dealers, wholesale distributors, and service centers.
Lippert's products include steel chassis and related components;
axles and suspension solutions; slide-out mechanisms and solutions;
thermoformed bath, kitchen, and other products; vinyl, aluminum,
and frameless windows; manual, electric, and hydraulic stabilizer
and leveling systems; entry, luggage, patio, and ramp doors;
furniture and mattresses; electric and manual entry steps; awnings
and awning accessories; towing products; truck accessories;
electronic components; and other accessories. Additional
information about Lippert and its products can be found at
www.lippert.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
with respect to integration of the businesses, expected growth,
including in sales, development and pipeline, following the
transaction, and the expected impact of the transaction on the
Company’s operations, markets, prospects, strategies, synergies and
efficiencies, and other matters. Statements in this press release
that are not historical facts are "forward-looking statements" for
the purpose of the safe harbor provided by Section 21E of the
Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended, and involve a number of risks
and uncertainties.
Forward-looking statements are necessarily estimates reflecting
the best judgment of the Company’s senior management at the time
such statements were made. There are a number of factors, many of
which are beyond the Company’s control, which could cause actual
results and events to differ materially from those described in the
forward-looking statements. These factors include, in addition to
other matters described in this press release, (i) the transaction
may involve unexpected costs or liabilities; (ii) the Company may
be unable to achieve expected synergies and operating efficiencies
from the transaction within the expected time frames or at all;
(iii) the Company may be unable to successfully integrate Furrion’s
operations into its own, or such integration may be more difficult,
time consuming or costly than expected; (iv) following the
transaction, revenues may be lower than expected, and operating
costs, customer loss and business disruption (including, without
limitation, difficulties in maintaining relationships with
employees, customers, clients or suppliers) may be greater than
expected;(v) the Company may be adversely affected by other
economic, business, and/or competitive factors; (vi) risks that the
transaction disrupts current plans and operations and the potential
difficulties in employee retention as a result of the transaction;
and (vii) the risks described from time to time in the Company’s
reports filed with the Securities and Exchange Commission under the
heading “Risk Factors,” including the Annual Report on Form 10-K
for the fiscal year ended December 31, 2020, and in the Company’s
subsequent filings with the Securities and Exchange Commission.
Readers of this press release are cautioned not to place undue
reliance on these forward-looking statements, since there can be no
assurance that these forward-looking statements will prove to be
accurate. The Company disclaims any obligation or undertaking to
update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are
made, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210909005631/en/
Brian M. Hall, CFO Phone: (574) 535-1125 E Mail:
LCII@lci1.com
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