LCI Industries (NYSE: LCII) (the “Company”) which, through its
wholly-owned subsidiary, Lippert Components, Inc. (“Lippert”),
supplies, domestically and internationally, a broad array of highly
engineered components for the leading original equipment
manufacturers (“OEMs”) in the recreation and transportation product
markets, and the related aftermarkets of those industries, today
announced that its subsidiary, Lippert Components Manufacturing,
Inc., has acquired substantially all of the business assets of
Girard Systems and Girard Products LLC (collectively, “Girard”), a
manufacturer and distributor of proprietary awnings and tankless
water heaters for OEMs and aftermarket customers in the
recreational vehicle, specialty vehicle, and related
industries.
Girard, a supplier of awnings and tankless water heaters, has
served the RV industry since 1995 and is recognized for high
quality and exceptional service. Having created a significant niche
in the motorized segment of the market, Girard’s patented awnings
are featured on many of the premier Class A motorized units.
Girard’s strategically-placed locations in Alabama, California, and
Indiana make it well-positioned to serve customers across the U.S.
as it continues to grow.
“We are very excited to welcome the Girard team to the Lippert
family. We have admired how Girard’s business has evolved over the
years, focusing on a strong commitment to excellent customer
service and creating strong brand loyalty among its key consumers.
Girard product lines fall nicely into Lippert’s core products and
manufacturing competencies. Our sales and operations teams have big
plans to take Girard’s designs and products and expand them into
broader customer channels. Girard’s sophisticated product offerings
for shade and appliances substantially broaden our product
portfolio across all classes of RVs, enabling us to drive new
content growth and further extend our leadership position in the
outdoor recreation space,” said Jason Lippert, President and CEO of
Lippert.
“The addition of Girard will allow us to provide a wider range
of exceptional products to our customers, especially in the
higher-end motorized segment of the RV Industry,” said Ryan Smith,
Group President of Lippert - North America. “Girard’s great product
lines will further bolster our service offerings in categories that
we’re already strong in, perfectly aligning with our focus on
enhancing the customer experience. We look forward to incorporating
the deep industry and product knowledge that Girard will bring to
the Lippert family as we work together to execute on our growth
strategy.”
“Through the last 27 years, we have worked to deliver
high-quality products to consumers, paying particular attention to
service and building lasting customer relationships. With similar
values, along with its leading industry position and manufacturing
expertise, Lippert is a great partner to carry our legacy forward.
The entire Girard team is excited to join Lippert and begin working
to further position the business for long-term growth,” said Marcia
Girard, CEO of Girard.
About LCI Industries
LCI Industries, through its wholly-owned subsidiary, Lippert,
manufactures and supplies, domestically and internationally, a
broad array of highly engineered components for the leading OEMs in
the recreation and transportation product markets, consisting
primarily 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 engineered components to
the related aftermarkets of these industries, primarily by selling
to retail dealers, wholesale distributors, and service centers.
Lippert'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; towing products; truck accessories;
electronic components; and other accessories. Additional
information about Lippert and its products can be found at
www.lippert.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
with respect to integration of the businesses, expected growth,
including in sales, development and pipeline, following the
transaction, and the expected impact of the transaction on the
Company’s operations, markets, prospects, strategies, synergies and
efficiencies, 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 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, (i) the transaction
may involve unexpected costs or liabilities; (ii) the Company may
be unable to achieve expected synergies and operating efficiencies
from the transaction within the expected time frames or at all;
(iii) the Company may be unable to successfully integrate Girard’s
operations into its own, or such integration may be more difficult,
time consuming or costly than expected; (iv) following the
transaction, revenues may be lower than expected, and operating
costs, customer loss and business disruption (including, without
limitation, difficulties in maintaining relationships with
employees, customers, clients or suppliers) may be greater than
expected;(v) the Company may be adversely affected by other
economic, business, and/or competitive factors; (vi) risks that the
transaction disrupts current plans and operations and the potential
difficulties in employee retention as a result of the transaction;
and (vii) the risks described from time to time in the Company’s
reports filed with the Securities and Exchange Commission under the
heading “Risk Factors,” including the Annual Report on Form 10-K
for the fiscal year ended December 31, 2021, and in the Company’s
subsequent filings with the Securities and Exchange Commission.
Readers of this press release are cautioned not to place undue
reliance on these forward-looking statements, since there can be no
assurance that these forward-looking statements will prove to be
accurate. 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/20220328005831/en/
Brian M. Hall, CFO (574) 535-1125 LCII@lci1.com
LCI Industries (NYSE:LCII)
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