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Thor’s “Bear Hug” Tightens

December 20, 2000 by · Comments Off on Thor’s “Bear Hug” Tightens 

In its effort to acquire Coachmen Industries Inc., Thor Industries Inc. is using a technique known on Wall Street as a “bear hug.” And the embrace grew tighter today. Thor, which owns 3% of Coachmen’s stock, or 466,300 shares, is asking all other Coachmen shareholders to withhold their votes for the nominees for election to the Coachmen Board of Directors on May 4. Thor Chairman Wade F.B. Thompson, in a letter released to the public today, believes withholding votes would send a message... Read more

Thor’s “Bear Hug” Tightens

December 20, 2000 by · Comments Off on Thor’s “Bear Hug” Tightens 

In its effort to acquire Coachmen Industries Inc., Thor Industries Inc. is using a technique known on Wall Street as a “bear hug.” And the embrace grew tighter today. Thor, which owns 3% of Coachmen’s stock, or 466,300 shares, is asking all other Coachmen shareholders to withhold their votes for the nominees for election to the Coachmen Board of Directors on May 4. Thor Chairman Wade F.B. Thompson, in a letter released to the public today, believes withholding votes would send a message... Read more

Stock Market Keeps Falling

December 20, 2000 by · Leave a Comment 

The stock market continued falling Wednesday, dragging down most RV co How Do I Get My Ex Girlfriend Back That I Love mpany shares. The Nasdaq composite had another terrible day, plunging 179 points, or 7.1%, to close at its lowest level in 20 months. Stock market analysts, in recent days, have lowered their earnings forecasts for many major technology firms which dragged down the Nasdaq and, to a lesser extent, the Dow Jones Industrial Average. The Dow declined 265 points, or 2.5%, on Wednesday. Among... Read more

Power Gear Parent Reports Lower Earnings

December 20, 2000 by · Leave a Comment 

Applied Power Inc., supplier of Power Gear leveling and slideout systems to RV manufacturers, reported lower sales and earnings for its first fiscal quarter, which ended Nov. 30. The company, which does business at Actuant Corp., reported its earnings declined 82% to $4.3 million, compared with $23.7 million a year earlier. However, Actuant received a one-time-only gain of $12.7 million during the September-through-November portion of 1999 from the sale of a business. Meanwhile, the company’s sales... Read more

Starcraft Completes Refinancing

December 20, 2000 by · Leave a Comment 

Vehicle conversion firm Starcraft Corp. signed an amended financing agreement today (Dec. 20) to support its bus, mobility and Tecstar joint venture operations. Starcraft now has $22 million available, up from $14 million. It includes a $3.5 million term loan that matures next November and a revolving credit facility. The additional funding will help finance the recently opened Tecstar plant in Bridgewater, N.J., and the re-opening next month of the Tecstar plant in Grand Prairie, Tex. The Texas... Read more

National RV Might Need More Time

December 19, 2000 by · Comments Off on National RV Might Need More Time 

If the merger of Thor Industries Inc. and Coachmen Industries Inc. is finalized, then National RV Holdings Inc. would need more time to achieve its goal of becoming the third-largest manufacturer of Class A motorhomes, according to National RV President Raul Gimenez. On National RV’s web site, Gimenez states the company’s goal is to become the third-largest Class A builder “within the next two years.” However, if Thor is able to acquire Coachmen, then the RV industry’s competitive... Read more

National RV Might Need More Time

December 19, 2000 by · Comments Off on National RV Might Need More Time 

If the merger of Thor Industries Inc. and Coachmen Industries Inc. is finalized, then National RV Holdings Inc. would need more time to achieve its goal of becoming the third-largest manufacturer of Class A motorhomes, according to National RV President Raul Gimenez. On National RV’s web site, Gimenez states the company’s goal is to become the third-largest Class A builder “within the next two years.” However, if Thor is able to acquire Coachmen, then the RV industry’s competitive... Read more

Upgraded Ford Chassis Coming In October

December 19, 2000 by · Comments Off on Upgraded Ford Chassis Coming In October 

Ford Motor Co will make a heavier gross vehicle weight rated (gvwr) version of its F53 Class A motorhome chassis available to RV manufacturers beginning in early October. The upgraded version will have a 22,000-pound gvwr, according to John Goshorn, planning and distribution and account manager for Ford’s North American RV and commercial vehicles division. The current version of the F53 chassis has a 20,500-pound gvwr, Goshorn said. Pricing of the upgraded model year 2001 version has not been established. The... Read more

Upgraded Ford Chassis Coming In October

December 19, 2000 by · Comments Off on Upgraded Ford Chassis Coming In October 

Ford Motor Co will make a heavier gross vehicle weight rated (gvwr) version of its F53 Class A motorhome chassis available to RV manufacturers beginning in early October. The upgraded version will have a 22,000-pound gvwr, according to John Goshorn, planning and distribution and account manager for Ford’s North American RV and commercial vehicles division. The current version of the F53 chassis has a 20,500-pound gvwr, Goshorn said. Pricing of the upgraded model year 2001 version has not been established. The... Read more

Atwood Parent Reports Record Earnings

December 19, 2000 by · Comments Off on Atwood Parent Reports Record Earnings 

Dura Automotive Systems Inc., the parent of RV industry supplier firms Atwood Mobile Products and Excel Industries Inc., reported record earnings during the first three months of this year. Dura’s earnings increased 76% to $16.5 million during the three months ended March 31, and its sales revenue increased 158% to $682.8 million. The acquisitions during 1999 of Excel and two other auto industry supplier firms contributed to the sharp increase in sales, according to Dura President and CEO Karl... Read more

Atwood Parent Reports Record Earnings

December 19, 2000 by · Comments Off on Atwood Parent Reports Record Earnings 

Dura Automotive Systems Inc., the parent of RV industry supplier firms Atwood Mobile Products and Excel Industries Inc., reported record earnings during the first three months of this year. Dura’s earnings increased 76% to $16.5 million during the three months ended March 31, and its sales revenue increased 158% to $682.8 million. The acquisitions during 1999 of Excel and two other auto industry supplier firms contributed to the sharp increase in sales, according to Dura President and CEO Karl... Read more

Thor Stock Gains, Coachmen Declines Wednesday

December 19, 2000 by · Comments Off on Thor Stock Gains, Coachmen Declines Wednesday 

Thor stock gained 1 3/8, or a little more than 5%, while Coachmen declined 13/16, or almost 5%, in New York Stock Exchange trading Wednesday. Thor closed at 28 1/16 and Coachmen closed at 16 11/16. Thor disclosed on Monday its offer to buy Coachmen for $18 a share, a bid comprised of 60% cash and 40% Thor stock. Coachmen’s board will consider Thor’s unsolicited offer during a special meeting in the near future. A Coachmen spokesman said the special meeting, most likely, will occur sometime before... Read more

Thor Stock Gains, Coachmen Declines Wednesday

December 19, 2000 by · Comments Off on Thor Stock Gains, Coachmen Declines Wednesday 

Thor stock gained 1 3/8, or a little more than 5%, while Coachmen declined 13/16, or almost 5%, in New York Stock Exchange trading Wednesday. Thor closed at 28 1/16 and Coachmen closed at 16 11/16. Thor disclosed on Monday its offer to buy Coachmen for $18 a share, a bid comprised of 60% cash and 40% Thor stock. Coachmen’s board will consider Thor’s unsolicited offer during a special meeting in the near future. A Coachmen spokesman said the special meeting, most likely, will occur sometime before... Read more

Cummins to Report 4Q Loss, Closes Engine Plant

December 19, 2000 by · Leave a Comment 

Cummins Inc., a supplier of diesel engines and generators to the RV industry, warned Wall Street today (Dec. 19) that it will report a fourth quarter loss and that it has closed a “mid-range engine plant in Walesboro, Ind.,” until the end of this year. The Walesboro plant, which was shut down beginning Dec. 13, does not build engines used by Freightliner Custom Chassis Corp. for its diesel pusher motorhome chassis, said Dean Schaper, chassis product manager. DaimlerChrysler’s decision... Read more

Fed Disappoints Stock Market

December 19, 2000 by · Leave a Comment 

The stock market fell late in the trading day Tuesday after the Federal Reserve Board announced it would not lower interest rates at least until its next meeting in late January. Dow Jones Industrial Average declined 61 points, or 0.6%, and the Nasdaq composite plunged 113 points, or 4.3%, to close at its lowest level during 2000. Most RV company stocks also declined Tuesday. Among them was Fleetwood, which slipped 5/16 to close at 8 15/16, a new 52-week low. Fleetwood’s previous 52-week low was... Read more

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