Attached files
file | filename |
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8-K - FORM 8-K - THOR INDUSTRIES INC | l39034e8vk.htm |
EX-10.1 - EX-10.1 - THOR INDUSTRIES INC | l39034exv10w1.htm |
EX-10.2 - EX-10.2 - THOR INDUSTRIES INC | l39034exv10w2.htm |
Exhibit 99.1
419 WEST PIKE STREET P.O. BOX 629 JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849 FAX 937-596-6539
PHONE 937-596-6849 FAX 937-596-6539
N E W S R E L E A S E
Date:
|
March 2, 2010 | |
Contact:
|
Peter B. Orthwein or Richard E. Riegel III |
THOR INDUSTRIES ACQUIRES AMBULANCE MANUFACTURER SJC INDUSTRIES
Thor Industries, Inc. (NYSE:THO) today announced its acquisition of SJC Industries, a
privately-held manufacturer of ambulances based in Elkhart, Indiana, for approximately $20 million
cash. Based upon SJCs prior performance, the acquisition is expected to be accretive to earnings.
We believe that SJC is currently the second largest manufacturer of ambulances in the United
States. Its brands include McCoy-Miller, Marque and Premiere, sold through a nationwide network of
dealers. SJC has a strong, motivated management team and workforce led by Chuck Drake, President
and Jim Evans, VP Finance, who will continue in their management roles following the closing.
Under Thors new ownership SJC will continue as an independent operation, in the same manner as
Thors recreation vehicle and bus companies. Mr. Drake will report to Richard Riegel, Thors
Senior Group President.
The ambulance business is a natural fit with Thors Bus and RV businesses. SJC is an innovator
with a strong commitment to customer satisfaction. We believe their quality is the highest in the
ambulance industry, said Peter B. Orthwein, Thor Chairman, CEO, & President. The relationship
with Thor will bring many operational synergies to SJC including procurement and lean production
processes, among others, he continued.
Thor is the worlds largest manufacturer of recreation vehicles and a major builder of commercial
buses.
This release includes certain statements that are forward looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward looking statements involve uncertainties and
risks. There can be no assurance that actual results will not differ from our expectations.
Factors which could cause materially different results include, among others, fuel prices, fuel
availability, lower consumer confidence, interest rate increases, tight lending practices,
increased material costs, the success of new product introductions, the pace of acquisitions, cost
structure improvements, the impact of auction market failures on our liquidity, competition and
general economic conditions and the other risks and uncertainties discussed more fully in Item 1A
of the Companys Annual Report on Form 10-K for the year ended July 31, 2009. The Company
disclaims any obligation or undertaking to disseminate any updates or revisions to any forward
looking statements contained in this release or to reflect any change in the Companys expectations
after the date of this release or any change in events, conditions or circumstances on which any
statement is based except as required by law.