Thor Industries Inc. now is the leading manufacturer of travel trailers and fifth-wheels as a result of it completing the acquisition today (Nov. 12) of Keystone RV Co.
The acquisition of Keystone, which is on track to have $380 million in sales revenue this year, will increase Thor’s earnings per share by 50 cents a share, said Wade F.B. Thompson, chairman of Thor, a New York Stock Exchange-listed company.
During Thor’s fiscal year 2001, which ended July 31, it earned $2.24 a share.
Keystone, headquartered in Goshen, Ind., is expected to have net income of $15 million in 2001, about double what it earned during 2000, Thompson said.
“Keystone is the fastest growing RV manufacturer and one of the most successful start-up companies ever,” Thompson said. “H. Coleman Davis III, the company founder, will continue as Keystone’s president and the entire management team will continue with the company.”
Thor, based in Jackson Center, Ohio, will pay “approximately $145 million” for Keystone, including 55% in cash and 45% in Thor common stock. “The final price is subject to audit and customary considerations,” according to the statement issued by Thor today.
The Keystone acquisition provides Thor with a 25.2% share of the combined travel trailer/fifth-wheel retail market through the end of August, according to Statistical Surveys Inc. data. Combined, the two firms retailed 28,803 travel trailers and fifth-wheels during the first eight months of this year.
That means Fleetwood Enterprises Inc. Riverside, Calif., now is No. 2 in travel trailers and fifth-wheels with a 15.5% market share as a result of its dealers selling 17,681 units during the first eight months of this year.
Forest River Inc., Goshen, Ind., now is No. 3 with a 13.1% market share as a result of its dealers selling 15,022 units through the end of August.
Jayco Inc., Middlebury, Ind., now is No. 4 with a 7.6% market share and 8,710 units retailed through the end of August. Coachmen Industries Inc., Elkhart, Ind., now is No. 5 with a 5.3% share of the combined travel trailer/fifth-wheel market as a result of its dealers selling 6,067 units during the first eight months of this year.