The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Tue Jul 5, 2016
ELKHART, Indiana - Patrick Industries, Inc. has announced it has completed the acquisition of the business and certain assets of Elkhart, Indiana-based Vacuplast, LLC, dba L.S. Manufacturing, Inc.
LS Mfg. is a manufacturer of a wide variety of thermoformed plastic parts and components, primarily serving the recreational vehicle market, as well as certain industrial markets. LS Mfg.'s trailing 12-month revenues through May 2016 were approximately $12 million and the Company expects the acquisition to be immediately accretive to 2016 net income per share.
"The acquisition of LS Mfg. allows us to capitalize on its value-added manufacturing capabilities, products and expertise as a supplier and manufacturer of quality, customized thermoformed plastic products and components," Patrick Industries CEO Todd Cleveland says. "In addition to increasing our RV content per unit, complementing our existing product portfolio at our Charleston operations, and bringing new and innovative product lines, the acquisition of LS Mfg. allows us the opportunity to further expand our presence and capabilities in the growing plastics market."
The net purchase price for LS Mfg. of approximately $11 million was funded under the company's existing credit facility and includes the acquisition of accounts receivable, inventory, and machinery and equipment. Patrick will continue to operate the business on a stand-alone basis under the LS Mfg. brand name in its existing facility.
"LS Mfg. has a solid reputation for innovative customized thermoformed plastic components, flexibility and quality customer service," Patrick Industries President Any Nemeth says. "We are excited about bringing our two companies together to increase our value proposition to the RV and industrial markets. Consistent with our previous acquisitions, we will support LS Mfg. with a financial and operational foundation that will allow it to capitalize on its core competencies, while preserving the creative entrepreneurial spirit and brand value that have been so important to its success."