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The additional revenue stream resulting from the acquisition of RV and van-conversion window supplier Creation Group helped offset DURA Automotive Systems Inc.’s decline in sales to North American auto industry customers, DURA reported today (Oct. 23).
Creation, which DURA acquired on July 24, contributed $27.3 million to DURA’s third-quarter sales revenue, which totaled $554.4 million. But despite Creation’s contribution, DURA’s third-quarter sales still were down 1% compared with its third-quarter 2002 revenue of $561.5 million.
DURA remained profitable in the third quarter, earning $5.2 million, compared with $4 million in the July-through-September period of last year.
DURA paid $57 million for Creation, a company that had $145 million in sales and $9 million in operating earnings in 2002.
Creation was combined with Atwood Mobile Products, DURA’s other RV industry supplier subsidiary.
The acquisition of Creation was a part of DURA’s program to “relentlessly execute our strategy to enhance DURA’s competitive position in order to grow sales and earnings,” President and CEO Larry Denton said.