THE GOSHEN NEWS
---- — ELKHART — Thor Industries Inc. is purchasing recrecational vehicle manufacturer K-Z Inc. of Shipshewana for $53.4 million.
In an announcement Thursday, Thor said the deal will be completed May 1.
“We are pleased to welcome K-Z to the Thor family. With a strong focus on value, service and quality, K-Z brings an exceptional way of doing business that really stands apart in the RV industry,” said Bob Martin, Thor president and chief executive officer. Martin said K-Z has more than 200 dealers.
Founded in 1972, K-Z manufactures travel trailers, fifth wheels and toy haulers under the Sportsmen, Spree and Durango brands.
According to Thor’s statement, K-Z has six primary facilities on its property and has 320 employees. K-Z generated sales of nearly $150 million for its fiscal year ended December 31, 2013, and Thor expects the acquisition to be accretive to its earnings.
“Becoming a part of Thor allows us to continue to operate K-Z with the core values and relationships that have made us successful since our founding,” said Daryl Zook, founder and chief executive officer of K-Z. “We understand the importance of partnering with a local company that has strong roots in the RV industry and in our communities of northern Indiana. We share a strong commitment to product quality and excellent customer and dealer relationships that make Thor an ideal partner for K-Z.”
Thor Industries Inc. operates a variety of RV subsidiaries and is one of the world’s largest manufacturers of recreational vehicles.