ELKHART, Ind. (April 9, 2013) – Drew Industries Incorporated (NYSE: DW), a manufacturer of a broad array of components for recreational vehicles, manufactured homes and other industries, announced plans today to relocate its headquarters from White Plains, N.Y. to here and expand its manufacturing operations, creating up to 800 new jobs by 2017.
Drew Industries, parent company of Elkhart County-based Lippert Components, Inc. and Kinro, Inc., plans to invest $12.75 million to renovate and equip four manufacturing facilities in Goshen and Elkhart. As part of the project, Drew Industries will install new manufacturing and production lines, which are expected to be operational this year.
“Our focus on job creation is paying off as Indiana’s economic momentum continues,” said Governor Mike Pence. “Drew Industries’ announcement builds on our strength as the RV capital of the world and serves as the latest proof that our convenient location, competitive tax environment and talented workforce have put Indiana on the map as a state that works for business.”
With more than 5,200 full-time employees across the country, Drew Industries currently has approximately 3,400 employees in Indiana. The company has already begun hiring additional engineers, furniture assemblers, general laborers, drivers and welders in Elkhart County.
“We have experienced significant growth over the past three years,” said Jason D. Lippert, chairman and chief executive officer of Lippert Components and Kinro. “When looking to relocate our corporate headquarters, Indiana made the most sense due to its talented workforce, and because most of the RVs produced in the United States are produced in Elkhart County. We greatly appreciate the support provided to us by the state of Indiana, Elkhart County and the cities of Goshen and Elkhart and we look forward to continued growth and future success here.”
Founded in 1962, Drew Industries, through its wholly-owned operating subsidiaries, Lippert Components and Kinro, is a supplier of components for recreational vehicles and manufactured homes. In addition, Drew Industries manufactures components for adjacent industries including buses, trailers used to haul boats, livestock, equipment and other cargo, truck caps, modular housing and factory-built mobile office units. From 30 factories located throughout the United States, the company’s products include chassis, fabricated steel chassis parts, slide-out mechanisms, axles, upholstered furniture, mattresses, windows, doors, leveling and stabilization equipment, suspension enhancement products, electronics, thermoformed products and aluminum extrusion products.
"We're excited about Drew Industries' plans for expansion," said Elkhart Mayor Dick Moore. "This expansion further solidifies Elkhart’s position as the RV capital of the world. I look forward to many more future expansions like this in the community."
The Indiana Economic Development Corporation offered Drew Industries Incorporated up to $4,300,000 in conditional tax credits and up to $200,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Elkhart and the city of Goshen will consider additional property tax abatements at the request of the Economic Development Corporation of Elkhart County.
“Elkhart County is fortunate to have Drew Industries,” said Goshen Mayor Allan Kauffman. “They have become one of the largest employers in the city of Goshen and Elkhart County. We are pleased with their ongoing commitment to investing in our community and applaud their success.”
About Drew Industries
Drew, through its wholly-owned subsidiaries, Kinro and Lippert Components, supplies a broad array of components for RVs, manufactured homes, modular housing, truck caps and buses, and trailers used to haul boats, livestock, equipment and other cargo. Currently, from 30 factories located throughout the United States, Drew serves most major national manufacturers of RVs and manufactured homes. Additional information about Drew and its products can be found at www.drewindustries.com.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
- 30 -
Gary McPhail (Lippert Components) – 574.312.6171 or email@example.com
Katelyn Hancock (IEDC) - 317.234.2294 or firstname.lastname@example.org