Goshen News, Goshen, IN

Business

February 28, 2014

Lippert Components buying two companies

ELKHART — Drew Industries announces that subsidiary Lippert Components has acquired two companies.

In announcements Friday, the company said it has purchased Innovative Design Solutions Inc. of Troy, Mich. IDS designs, develops and manufactures electronic systems for recreational vehicles, the medical industry and other industries.

Lippert also has a tentative agreement to purchase Star Design LLC. of Elkhart, a manufacturer of thermoformed sheet plastic products for the RV, bus and specialty vehicle industries. That purchase is anticipated to take place within 30 days and is subject to completion of due diligence, agreement on final terms, the execution of definitive transaction documents and satisfaction of customary closing conditions, according to Drew. The purchase price will be approximately $12 million, which would be paid at closing from available cash and borrowings under the company’s $75 million line of credit.

“We are excited to have IDS and its employees join the Lippert Components family,” said Drew’s Chief Executive Officer Jason Lippert. “The talented team of engineers we have added from IDS are leaders in electronic systems for RVs and other industries. In the past several years, the IDS team, alongside the Lippert Components team, has been responsible for developing unique electronic products for the RV industry. IDS will now have an even sharper focus on developing innovative products for our RV customers, as well as customers in adjacent industries.”

IDS had annual sales of approximately $19 million in 2013, of which $13 million were to Lippert Components. The purchase price was $36 million, of which $34.2 million was paid at closing from available cash and borrowings, with the balance to be paid out annually over three years, plus contingent consideration based on future sales.

Rob Ford, former owner of IDS, will continue to manage the business.

Star Design

“Star Design has an excellent management team, and a great reputation in the markets they operate,” said Drew’s President Scott Mereness. “And we look forward to the Star Design management, including Kevin Gipson, president of Star Design, continuing to serve existing customers after the transaction is completed. In 2013 we relocated our RV thermoforming plastic production from Texas to an Elkhart, Ind., location large enough to accommodate expected growth. We have continued to grow our RV and specialty markets plastics business since then, and we are excited to boost further growth with the acquisition of Star Design.”

Star Design has annual sales of approximately $10 million, according to Drew’s statement.

Star Design Chairman Kelly Rose will not remain with the business.

1
Text Only
Business
  • GN140820 dometic groundbreaking Dometic breaks ground on significant expansion in Goshen GOSHEN — As Dometic officials gathered for a groundbreaking ceremony for the $7 million expansion of their Goshen distribution center Wednesday, the work was already underway in the background. “It’s happening right now,” said Dave Schutz, vice presi

    August 20, 2014 1 Photo

  • Three Wheeled Commuter Car [Duplicate] Three-wheeled car closer to going on sale ROYAL OAK, Mich. — Your next commuter car could have two seats, three wheels and get 84 miles to the gallon. Elio Motors wants to revolutionize U.S. roads with its tiny car, which is the same length as a Honda Fit but half the weight. With a starting

    August 15, 2014 6 Photos

  • White Collar Sentencing [Duplicate] Lighter sentences sought for some business crimes WASHINGTON — The federal panel that sets sentencing policy eased penalties this year for potentially tens of thousands of nonviolent drug offenders. Now, defense lawyers and prisoner advocates are pushing for similar treatment for a different categor

    August 14, 2014 1 Photo

  • Amazon Mobile Payments [Duplicate] Amazon joins mobile payment market NEW YORK — Amazon is taking direct aim at mobile payment systems such as Square by introducing the Amazon Local Register, a credit-card processing device and mobile app designed to help small business owners accept payments through their smartphones

    August 13, 2014 1 Photo

  • BIZ GN140809 gm recall image GM recalls three vehicles for fire hazard General Motors' troubles with safety recalls has surfaced in another case, this time with the company recalling a group of SUVs for a third time to fix power window switches that can catch fire. The problem, revealed in documents posted by federal sa

    August 8, 2014 1 Photo

  • BIZ GN0808 Supershow 02 Annual RV show opens in Elkhart ELKHART— Carole and Ray Bronicki have owned four recreational vehicles during the past 25 years. Thursday they were looking for their fifth.“We sold the one we had in Texas, Ray said as he stood outside a fifth-wheel at the Midwest RV Super Show. “An

    August 7, 2014 2 Photos

  • Thor has good year ELKHART — Thor Industries Inc. has had a good year.The recreational vehicle manufacturer announced Monday its fiscal year ended in July with sales from continuing operations up 9 percent at $3.53 billion. Sales in the prior year were $3.24 billion.To

    August 6, 2014

  • Wealth Gap US Economy [Duplicate] S&P says wealth gap slows economic growth WASHINGTON — Economists have long argued that a rising wealth gap has complicated the U.S. rebound from the Great Recession. Now, an analysis by the rating agency Standard & Poor’s lends its weight to the argument: The widening gap between the wealth

    August 5, 2014 3 Photos

  • Briefly BRISTOLHiring event set for Wednesday in BristolWorkOne and auto-parts manufacturer Chassix are hosting a hiring event Wednesday.Employees are needed for more than 100 machine operator jobs and related positions.The hiring event will take place from

    August 3, 2014

  • BIZ GN140803 rv show preview image 03 RV Super Show begins Thursday Annual event displays newest recreational vehicles to customers from across the nation.

    August 3, 2014 2 Photos

Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
AP Video
US: We Do Not Pay Ransom to Terrorists Ferguson Teachers Training to Deal With Trauma Jon Hamm on the Unrest in Ferguson Tit for Tat? McDonald's Shuttered in Moscow Life on the Professional Video Game Circuit TX Gov Perry in Washington: 'Confident' in Case Hospital Releases Two Missionaries Who Had Ebola Ramen Health Risks: The Dark Side of the Noodle NYC Doctor-in-chief Seeks Community Approach Indonesian Police Fire Tear Gas at Protesters Raw: Shots Fired in Liberian Shantytown DOJ, Bank of America Reach Record Settlement Raw: Cubavision Airs Images of Fidel Castro Raw: Grief After Deadly Airstrikes in Gaza Officer Who Pointed Gun at Protesters Suspended Kathy Griffin Challenges Minaj to 'a Booty Off' Johnson: Six Arrests, No Tear Gas in Ferguson Raw: Rescue, Relief Efforts at Japan Landslide Cadavers, a Teen, and a Medical School Dream California Drought Stings Honeybees, Beekeepers
Poll

Three Goshen elementary schools — Chandler, Chamberlain and West Goshen — are providing free meals to all students during the school year as part of the U.S. Department of Agriculture’s Community Eligibility Provision of the Healthy Hunger-Free Kids Act of 2010. Nearly 80 percent of students at Chandler, 89 percent of students at Chamberlain and 78 percent of students at West Goshen already qualify for free or reduced-price lunches based on their family income. How do you feel about the new lunch program?

I think it’s a good idea to feed all the students free of charge
I think those who can afford it should pay for their school meals
I think all students should be required to pay for their school meals
     View Results