Jackson Center, Ohio-based Thor Industries Inc. announced today (Aug. 15) that it has entered into a repurchase agreement dated as of Aug. 12 to purchase 1 million shares of its common stock at a price of $20 per share from the estate of Wade F. B. Thompson in a private transaction.
The estate currently holds all of the stock of the late Wade F. B. Thompson, Thor’s co-founder and former CEO. The repurchase transaction was evaluated and approved by directors of Thor’s board who are not affiliated with the estate.
The repurchase represents 1.8% of Thor’s common stock currently outstanding. Thor will use available cash to purchase the shares. The transaction is expected to close on or before Aug. 16.
Thor is the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses.