Thor Industries CEO Bob Martin on Monday informed CNBC that the corporate is trying to develop new products and develop its enterprise after buying Tiffin Motorhomes in a $300 million deal.
The acquisition provides Thor, a leisure automobile maker based mostly in Indiana, a producer of high-end motorhomes based mostly in Alabama that introduced in $800 million in RV gross sales in the 2020 fiscal yr.
Thor reported $8.17 billion of income in fiscal 2020, up about 20% from $6.77 billion recorded the yr prior.
“We’re always an opportunistic buyer, and Tiffin is one of these companies that’s 48 years old, has an incredible brand, a great selection of products, but actually a selection of products that have yet to come that we think we can help them develop,” Martin stated in a “Mad Money” interview.
The purchase provides Thor publicity to the American South outdoors of the tight labor market in northern Indiana, stated Martin, who sees room for enlargement in Alabama and neighboring Mississippi “for many years to come.” Thor’s portfolio contains producers in Indiana and Ohio.
Tiffin, a family-owned enterprise, will proceed to headed by the household and retain its title as an entity underneath Thor. The firm produces a number of motorhomes, together with Allegro Breeze, Allegro Red, Allegro Bus and Zephyr amongst different products.
“Tiffin is one of those premium brands that when Mr. Tiffin called, we definitely had to talk, no matter what,” Martin stated.
Shares of Thor Industries rose greater than 4% on Monday, closing at $99.92. The inventory is up greater than 34% yr so far.