Drew Buys Philips Products’ Door-Making Assets
Drew Industries Inc. announced Thursday (Oct. 1) that its wholly-owned subsidiary Kinro purchased from Philips Products Inc. certain inventory and equipment used for the production of front-entry doors for manufactured homes. The $1 million transaction was funded from available cash, the company stated in a news release.
“Not only will this acquisition increase the overall Drew-supplied content per manufactured home, it also adds a new product category for Drew,” said Fred Zinn, Drew president and CEO. “We estimate that the current annual market for front-entry doors for newly produced manufactured homes is about $12 million to $15 million. In addition, we believe there is a similar size market for replacement doors for the millions of existing manufactured homes.”
Elkhart, Ind.-based Philips Products had made windows and front-entry doors for manufactured housing before ceasing these operations in July. Kinro, which already has a significant market share in windows for manufactured homes, will begin to manufacture entry doors at plants in Indiana and South Carolina within approximately 30 days.
“Because of our innovative designs and product enhancements, we have had tremendous success with our entry doors for RVs, which we introduced late last year,” said Scott Mereness, vice president of Kinro. “We plan to leverage this experience, as well as the strong relationships we maintain with producers of manufactured homes and aftermarket distributors, to gain significant market share for entry doors in the manufactured housing industry.”
White Plains, N.Y.-based Drew, through its wholly owned subsidiaries, Lippert Components and Kinro, supplies a broad array of components for RVs and manufactured homes, including windows, doors, chassis, chassis parts, bath and shower units, axles and upholstered furniture. In addition, the company manufactures slide-out mechanisms for RVs, and trailers primarily for hauling boats.