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Thor Industries Inc. completed its previously announced acquisition today (Sept. 2) of Elkhart, Ind.-based Class A motorhome manufacturer Damon Corp. for $46 million.
The acquisition of Damon, majority-owned by Don Pletcher, will add about $5.7 million, or 20 cents per share, to Thor’s net earnings during its fiscal year 2004, which began on Aug. 1.
Thor will pay the $46 million in cash, an amount equal to about half of the cash Thor had on its balance sheet as of the end of April. The purchase price includes the assumption of some Damon debt.
Damon has around $200 million in annual sales, and Thor now estimates it now will have around $1.8 billion in RV and midsize transit bus sales in fiscal 2004.
During the 12-month period ended April 30, Thor’s net earnings totaled $77.2 million, or $2.70 per share.
Thor, a New York Stock Exchange-listed company, will issue its earnings report for the May-through-July period and its full fiscal year 2003 in about four weeks.
Investors remained enthusiastic about the Damon acquisition in trading this morning. Thor stock reached a new 52-week high of $54.89 a share in early morning trading and the stock was priced at $54.68 a share shortly before 11 a.m. Eastern Time today.
Thor’s previous 52-week high was $54.70 a share set on Friday (Aug. 29).
A month ago, Thor stock traded for around $44 a share.