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Drew Industries Inc. today (May 10) announced that the company’s Lippert Components Inc. subsidiary entered into an agreement to acquire Venture Welding for approximately $19.6 million in cash.
Elkhart, Ind.-based Venture Welding, a division of Banks Corp., builds chassis for the manufactured housing industry and had annualized sales prior to the acquisition of approximately $18 million. It is anticipated that the acquisition will close within 15 days.
Lippert, a major supplier of RV frames based in Goshen, Ind., said it will retain many of the Venture Welding employees, including certain management personnel. The owners of Venture Welding, who are engaged in other businesses, will not join Lippert.
“The complementary products and customer base of Venture Welding, coupled with their intellectual property, made this a very attractive acquisition target,” said Leigh J. Abrams, president and CEO of White Plains, N.Y.-based Drew. “We are looking forward to completing this transaction and adding their operations, staff and facilities to our existing business.”
Lippert will acquire two of Venture’s four factories and will consolidate production of some of Venture’s products into existing factories.