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It has taken longer than expected, but Drew Industries Inc. now believes it will complete the acquisition of West Coast towable RV chassis supplier Zieman Manufacturing Co. in about two weeks.
Drew, parent of RV industry supplier firms Lippert Components and Kinro, announced its plan to buy Whittier, Calif.-based Zieman about a month ago.
In addition to travel trailer and fifth-wheel chassis, Zieman also makes trailers for hauling boats, personal watercraft, snowmobiles and other types of equipment. It also builds chassis for manufactured homes and modular offices.
Zieman, which operates eight plants along the West Coast and generated around $44 million in sales revenue last year, will become a part of Lippert Components, Drew’s towable RV chassis and slideout systems supplier subsidiary, once the deal is done.
Drew plans to pay for Zieman with borrowings under its line of credit, which will be increased to $50 million, from $30 million.
Drew’s total debt as of March 31 stood at $23.4 million, down $15 million from its $38.4 million debt load as of March 31, 2003.