EXHIBIT 99.1
THOR
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INDUSTRIES, INC.
419 WEST PIKE STREET * P.O. BOX 629 * JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849 * FAX 937-596-6539
N E W S R E L E A S E
Date: October 31, 2001
Contact: Wade F. B. Thompson or Peter B. Orthwein
THOR TO PURCHASE KEYSTONE RV COMPANY.
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COMBINATION WILL MAKE THOR LARGEST TRAVEL TRAILER MANUFACTURER
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Thor Industries, Inc. (NYSE:THO) announced today that it has reached an
agreement to acquire Keystone RV Company, Goshen, IN., the fastest growing
company in the recreation vehicle industry, for approximately $145 million. The
price will be paid 55% in cash and 45% in Thor common stock.
The combined company will have sales of approximately $1.2 billion and will make
Thor the largest manufacturer of travel trailers and fifth wheels, a major
manufacturer of motorhomes, and the largest builder of small and mid-sized
buses.
Keystone, founded by H. Coleman Davis III in 1996, builds travel trailers and
fifth wheels and is expected to have sales in 2001 of approximately $380
million, up from $246 million last year. Mr. Davis will continue as president of
Keystone and Keystone's entire management team will continue with the company.
"Keystone has a very strong management team which accounts for its extraordinary
success over the past 6 years," said Wade F.B. Thompson, Thor chairman. "There
are many opportunities for purchasing and other synergies between the companies.
Despite RV industry shipments being down 16% this year, Keystone sales are up
65% through September," he added.
"We look forward to being a key part of Thor's continuing growth," said Mr.
Davis. "The merger creates the #1 company in travel trailers and fifth wheels
with 25% of the market. Thor has the best long-term record in the RV industry.
It is the only public RV company that has been profitable every year since its
founding in 1980 and it provides Keystone with the resources to continue our
aggressive growth strategy," he added.
The transaction is expected to close by November 9, 2001 and is subject to
customary conditions.
This release includes "forward-looking statements" that involve uncertainties
and risks. There can be no assurance that actual results will not differ from
the Company's expectations. Factors which could cause materially different
results include, among others, the completion of the transaction, future
financial performance, cost structure improvements, competitive and general
economic conditions, and the other risks set forth in the Company's filings with
the Securities and Exchange Commission. The "forward-looking statements"
represent the judgement of Thor's management as of the date of this release and
Thor disclaims any intent or obligation to update any "forward-looking
statements".