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 .
Mon Mar 5, 2018
Horizon Global Corporation (NYSE: HZN), shook up its board of directors a bit on Friday, with the announcement that company CEO Mark Zeffiro would no longer serve as co-chair of the board.
Denise Ilitch, who previously served as co-chair alongside Zeffiro, was named chairwoman, according to the company. Zeffiro will continue to serve as a director.
The Horizon Global board also approved an amendment to declassify the company’s board of directors, which is often seen as a measure to separate the board from company management. The amendment is subject to shareholder approval at the company’s 2018 annual meeting and, if approved, the proposed declassification would be phased in over a period of three years.
"The Horizon Global board believes that a robust governance program is vital to creating long-term shareholder value,” says Ilitch. “The recent actions taken by the board are a great example of Horizon Global’s commitment to strong corporate governance and alignment with the company’s shareholders.”
Zeffiro was appointed as co-chair of the board on June 29, 2015 and was named president and chief executive officer the following day. He served as president and a director of Horizon beginning with the incorporation in January of that year. He previously served as group president of the company’s predecessor, Cequent, which was comprised of TriMas' Cequent Americas and Cequent APEA reporting segments specializing in towing, trailering and cargo management products.
“Denise is well-qualified to serve as board chair and has clearly demonstrated the leadership and commitment necessary to drive and achieve Horizon Global’s strategic priorities,” Zeffiro says. “I look forward to continuing to work with Denise and the rest of the board to expand Horizon Global’s position as a global leader in towing and trailering products. Today’s announcement reflects a trend of positive corporate governance actions taken by Horizon Global’s board and enhances its strong and independent oversight of management and the company.”
Horizon Global also has launched a business improvement action plan to address performance challenges that impacted the company’s bottom line last year. The plan includes restructuring of the Americas segment, including facility consolidations and workforce reductions, as well as improving manufacturing efficiencies and optimizing its distribution network.
Horizon also is expected to continue implementing actions in its Europe-Africa segment related to business integration and improvement.
Company officials say several elements of the action plan are already completed or underway including: leadership changes in the Americas, centralization of price management for Europe-Africa, and reducing logistics costs for Europe-Africa through renegotiated freight and distribution costs.
The company also expect to consolidate two legacy non-manufacturing facilities in the Americas and complete integration of the Americas organization, while increasing low-cost production in the Europe-Africa segment by 25 percent .
The company also plans to take other steps and anticipates its action plan will deliver an incremental cost savings of $3 million to $5 million in 2018.