Dura Automotive Systems Inc., parent of RV industry supplier firm Atwood Mobile Products, announced plans late Monday (Nov. 12) to sell its Plastic Products Business to an undisclosed buyer for around $41 million.
Dura is not selling Atwood, a supplier of RV heating systems, cooking appliances, water heaters, gas alarms, seating, chassis components, glass products, windows and doors, according to Mike Paquette, Dura’s vice president of human resources.
Dura’s plastic products business includes Nyloncraft of Mishawaka, Ind., and Bowling Green, Ky., and Mark I Molded Plastics of Jonesville, Mich. The 750-employee operation has around $80 million in annual sales.
The identity of the buyer was not revealed because it has not yet obtained financing, according a statement from the Rochester Hills, Mich.-based Dura.
If the transaction is completed, Dura will take a one-time-only $7 million non-cash charge against its fourth quarter earnings to account for the transaction.
Dura, a Nasdaq Stock Market listed company, decided to sell its plastic products operation because Dura views it is a non-core business.
Atwood and Nyloncraft were subsidiaries of Excel Industries Inc., an Elkhart, Ind.-based company that Dura acquired during January 1999.