Lippert Components Inc. subsidiary Drew Industries Inc. has acquired various business assets of ET&T Frames Inc., an Elkhart, Ind.-based manufacturer of chassis for park models, temporary offices, cargo trailers, specialty trailers and, to a lesser extent, towable RVs.
Drew agreed to pay $3.6 million for ET&T, an amount that includes ET&T’s inventory, accounts receivable and certain fixed assets.
“The former owner of of ET&T and his management team will not be employed by Lippert,” according to the statement issued today (Oct. 7) by Drew.
ET&T had around $7 million in annual sales and it will immediately add to Drew’s earnings because Lippert will build what was ET&T’s product line in existing factories without having to add equipment or supervisory personnel.
Drew, an American Stock Exchange-listed company, paid cash for ET&T.
“This acquisition continues our expansion into new product distribution channels with high-quality products that we know how to produce efficiently,” said Jason Lippert, president and CEO of Lippert Components. “We hope to expand these new product categories as we have done with most of our other product lines.”