NEWS RELEASES
The Joining of Thor and EHG Make It The World's Largest RV Manufacturer
Editor's Note: This news item was retrieved and first published through RVBusiness' website.
Thor Industries Inc. finalizes its acquisition of Erwin Hymer Group (EHG), one of Europe's largest makers of recreational vehicles, effective since Feb. 1. The acquisition consists of EHG's European operations, which represent the vast majority and core of EHG's historical operations and are the "driving strategic rationale for the acquisition," Thor stated in the release. The acquisition provides attractive growth opportunities for the combined company, both in the near and long term, through EHG's leading position in the growing European RV market.
According to an RVBusiness story, The acquisition excludes EHG's North American businesses, and reflects a $194 million purchase price reduction and a $205 million reduction in the obligations the company would have otherwise assumed under the terms of the original stock purchase agreement. Thor president and CEO Bob Martin comments: "Europe, the second largest market for RVs globally, is the most logical place to begin the next chapter of Thor's growth. Having built relationships with the EHG management team over the course of several years, the opportunity to enter the European market with a European industry leader fits squarely within our strategic plan." Martin Brandt, CEO of Erwin Hymer Group, commented, "The closing of the sale of EHG to Thor marks the beginning of the next phase in the growth of our business.
For more details and quotes from the executives, read here.
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