THOR Acquires Major OEM Supplier
RV maker Thor Industries is based in Elkhart. (photo courtesy of Thor Industries)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA long-time supplier for Elkhart-based THOR Industries Inc. (NYSE: THO) has been acquired by the recreational vehicle maker in a deal valued at $750 million. The RV manufacturer says the purchase of Wichita-based AirX Intermediate Inc. will help strengthen THOR’s supply chain. THOR says approximately 30% of Airxcel’s OEM revenues were generated from sales to subsidiaries of THOR Industries.
“We have had a long history as a key supplier to the RV industry and to THOR and its many brands specifically, and we are excited to become part of the THOR family of companies,” said Airxcel Chief Executive Officer Jeff Rutherford. “Under THOR’s ownership, Airxcel will continue its long-standing relationship with manufacturers and aftermarket providers throughout the RV industry without interruption, while continuing to develop, manufacture and sell high-quality, innovative RV product solutions.”
THOR says Airxcel will operate independently from THOR’s other RV OEM companies, allowing it to still serve other RV manufacturers.
“We believe the long-term growth potential for the RV industry remains very positive, and this acquisition reflects our confidence that the RV industry will continue to grow,” said THOR Industries President and CEO Bob Martin. “Importantly, the current management team at Airxcel will continue operating the business and serving their diverse customer base while gaining access to the financial strength of THOR to support their growth.”
Airxcel manufactures and sells a line of OEM parts, including heating and cooling systems, cooking appliances and roofing products.