Lippert Acquires RV Locking System License
Lippert Components entered into a license for the exclusive right to manufacture and sell the patent-pending RVLOCK, a remotely operated locking system for towable RV entry doors.
“This sleek new battery-operated system integrates the remote features into the door handle and eliminates the need for multiple parts which are currently necessary, reducing warranty exposure. RVLOCK also eliminates the need for hard-wiring to the vehicle’s electrical system,” Jason Lippert, CEO of Lippert Components, stated in a press release.
“We estimate that during 2010 approximately 270,000 towable RV entry doors will be produced by the industry. Each year, more and more remote locking systems are used on RV entry doors,” Lippert said. “In addition, we plan to market entry doors with the RVLOCK to the equestrian and cargo trailer industries. The easy installation, enhanced security, and contemporary styling of the RVLOCK will allow us to continue as the leading manufacturer of RV entry doors. We believe that RVLOCK is the most advanced locking system available and that it will appeal to both RV manufacturers and retail customers. We look forward to continuing to work with the inventors of RVLOCK, who have agreed to make other innovative related products available to us.”
Fred Zinn, president and CEO of Drew Industries Inc., Lippert Components’ parent company, said “The acquisitions of these new products and services continue our history of successfully increasing our RV content per unit, a critical component of our long-term strategy. The initial cost of these transactions aggregated less than $1 million, which was paid from available cash. Future royalties on the RVLOCK will be based on sales.”