LCI Industries (NYSE: LCII), which, through its wholly-owned
subsidiary, Lippert Components, Inc. ("LCI"), supplies a broad
array of highly engineered components for the leading original
equipment manufacturers ("OEMs") of leisure vehicles and mobile
transportation, and the related aftermarkets of those industries,
announced today that, effective January 1, 2020, Furrion Limited
("Furrion") will take over the sale and distribution of Furrion
products previously handled by LCI.
LCI and Furrion have enjoyed a very successful four-year
partnership providing Furrion appliances and electronic products to
OEMs and aftermarket customers throughout the United States and
Canada during which time Furrion has grown significantly. While the
businesses will continue to explore opportunities to work together,
with the potential impact of expanded tariffs LCI and Furrion have
decided that it is in the best interests of their customers that
effective January 1, 2020, Furrion will distribute its products
directly to the customer and assume all responsibilities previously
carried out by LCI relating to Furrion products. Both parties have
been working together to achieve this goal and will continue to do
so in order to ensure a seamless transition. This transition
includes an option for Furrion to lease LCI’s warehouse and related
equipment after January 1, 2020.
Jason Lippert, CEO and President of LCI, commented, "This
transition, and the added ability for LCI and Furrion to pursue
tailored strategies separately and more effectively given
significant changes in global trade, will allow LCI to focus on
strategic acquisitions and product development to meet the evolving
needs of our customers. LCI values the strong relationships it has
with its customers and will continue its mission of providing each
customer with innovative product solutions."
Aaron Fidler, CEO and President of Furrion, commented, "I would
like to thank Jason and his team for their partnership over the
last four years. During that time, we have built up a team of over
200 people spread over R&D, engineering, and industrial design
globally, all dedicated to developing new and innovative products
for the RV/marine and specialty industry markets. With a runway of
over 87 products due to be launched over the next 12 months and
expanding significantly over the next 5 years, we look forward to
working directly with the OEM and the aftermarket dealers to ensure
that the end user is getting cutting edge, reliable technology at a
market leading price."
About LCI Industries
From over 65 manufacturing and distribution facilities located
throughout the United States and in Canada, Ireland, Italy, and the
United Kingdom, LCI Industries, through its wholly-owned
subsidiary, LCI, supplies, domestically and internationally, a
broad array of engineered components for the leading OEMs in the
recreation and industrial product markets, consisting of
recreational vehicles and adjacent industries, including buses;
trailers used to haul boats, livestock, equipment, and other cargo;
trucks; boats; trains; manufactured homes; and modular housing. The
Company also supplies components to the related aftermarkets of
these industries primarily by selling to retail dealers, wholesale
distributors, and service centers. LCI’s products include steel
chassis and related components; axles and suspension solutions;
slide-out mechanisms and solutions; thermoformed bath, kitchen, and
other products; vinyl, aluminum, and frameless windows; manual,
electric, and hydraulic stabilizer and leveling systems; entry,
luggage, patio, and ramp doors; furniture and mattresses; electric
and manual entry steps; awnings and awning accessories; electronic
components; appliances; televisions, sound systems, navigation
systems, and backup cameras; and other accessories. Additional
information about LCI and its products can be found at www.lci1.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
with respect to our financial condition, results of operations,
business strategies, operating efficiencies or synergies,
competitive position, growth opportunities, acquisitions, plans and
objectives of management, markets for the Company’s common stock,
and other matters. Statements in this press release that are not
historical facts are “forward-looking statements” for the purpose
of the safe harbor provided by Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended, and involve a number of risks and
uncertainties.
Forward-looking statements, including, without limitation, those
relating to our future business prospects, net sales, expenses and
income (loss), cash flow, and financial condition, whenever they
occur in this press release are necessarily estimates reflecting
the best judgment of the Company’s senior management at the time
such statements were made. There are a number of factors, many of
which are beyond the Company’s control, which could cause actual
results and events to differ materially from those described in the
forward-looking statements. These factors include, in addition to
other matters described in this press release, pricing pressures
due to domestic and foreign competition, costs and availability of,
and tariffs on, raw materials (particularly steel and aluminum) and
other components, seasonality and cyclicality in the industries to
which we sell our products, availability of credit for financing
the retail and wholesale purchase of products for which we sell our
components, inventory levels of retail dealers and manufacturers,
availability of transportation for products for which we sell our
components, the financial condition of our customers, the financial
condition of retail dealers of products for which we sell our
components, retention and concentration of significant customers,
the costs, pace of and successful integration of acquisitions and
other growth initiatives, availability and costs of production
facilities and labor, employee benefits, employee retention,
realization and impact of expansion plans, efficiency improvements
and cost reductions, the disruption of business resulting from
natural disasters or other unforeseen events, the successful entry
into new markets, the costs of compliance with environmental laws,
laws of foreign jurisdictions in which we operate, and increased
governmental regulation and oversight, information technology
performance and security, the ability to protect intellectual
property, warranty and product liability claims or product recalls,
interest rates, oil and gasoline prices, the impact of
international, national and regional economic conditions and
consumer confidence on the retail sale of products for which we
sell our components, and other risks and uncertainties discussed
more fully under the caption “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2018, and in
the Company’s subsequent filings with the Securities and Exchange
Commission. The Company disclaims any obligation or undertaking to
update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are
made, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190823005345/en/
Contact: Brian M. Hall, CFO Phone: (574) 535-1125
E Mail: LCII@lci1.com
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