Two growing Indiana RV suppliers have agreed to merge operations, according to a report in the Elkhart Truth.
The owners of Odyssey Group of Bristol and Fastec Industrial Corp., of Elkhart, announced their plans during employee meetings on Tuesday (Dec. 21) morning. The Truth reported that no changes to employment are anticipated because of the merger, which is expected to be finalized next year.
“We are building the best national distribution company for our markets with the best people,” said Lindsey Stults, president of the Odyssey Group. “Bringing together these two quality companies not only expands our product offering but allows us to capture a national footprint utilizing our own people and service.”
Jim Braddock, president of Fastec, said, “The people of our company have been dedicated for the past 26 years to providing the highest level of quality products and customer service. This high standard of excellence has made Fastec a proven leader in our industries. The cultures that exist in these two companies make this project a natural fit.”
Fastec, the older of the two companies, manufactures and distributes industrial fasteners, decorative and functional cabinet hardware, locking and latching products for the RV, manufactured housing, fence-decking, furniture and cabinet industries. The company also established a manufacturing plant, specialty customer packaging, powder coating and nationwide importing operations in Johnson City, Tenn.
Odyssey Group was formed in 1998 and has warehouses in Bristol, Alabama, Pennsylvania, Oregon, Idaho and North Carolina. The company has grown rapidly through three acquisitions – one light manufacturer and two distribution companies – and serves every major RV and manufactured housing company in the country, Stults said.
He said the Odyssey Group and Fastec have been working on the merger for much of the year. He expects the RV industry, which accounts for more than 50 percent of the revenues at both firms, to record a slight uptick in 2005, and the combined companies to grow by 30 to 35 percent.