Drew Industries Inc., parent of RV industry supplier firms Lippert Components and Kinro, announced Monday (Nov. 24) that it will move its stock to the New York Stock Exchange (NYSE) which, along with a broad-based stock market rally, resulted in Drew’s shares closing at a new 52-week high Monday.
Drew’s stock gained $2.23 a share in American Stock Exchange (AMEX) trading Monday to close at $27.15.
Earlier in the trading session Monday, Drew’s stock set a new 52-week high of $27.37 a share.
“We continue to move down the path toward becoming the leading supplier of systems and components to the RV and manufactured housing markets and this is a logical step in our growth,” said Leigh Abrams, president and CEO of the White Plains, N.Y.-based firm.
“Over the last several quarters we have continued to gain market share, introduced new products, made several successful acquisitions and have posted strong financial results,” Abrams said. “Our listing on the NYSE will allow us greater exposure to the investment community while also ensuring a more liquid trading environment for our shareholders.”
Drew shares will continue trading on the AMEX until Dec. 11, when its shares will transfer to the NYSE. Its stock ticker symbol will remain DW.
Until recently, Drew primarily was a supplier to the manufactured housing industry. But during the last few years, primarily due to the growth of its Goshen, Ind.-based Lippert Components, Drew now is mainly a supplier to the RV industry.
During the first nine months of this year, Drew’s sales to RV industry customers amounted to $165 million, or 62% of its total sales revenue of $266.3 million.
Lippert primarily is a supplier of chassis frames to the manufacturers of towable RVs.
The other components that Drew supplies to RV industry customers include chassis parts, slideout mechanisms and power units, electric stabilizer jacks, aluminum and vinyl windows and screens, doors and bath and shower units.
Drew has 41 factories in the U.S. and one in Canada.