Kinro Inc. Acquiring Thermofoaming Operation
Goshen, Ind.-based supplier Kinro Inc., a division of Drew Industries Inc., announced today (July 11) that it acquired the thermoforming design and production operation of Agile Vehicle Modifications.
According to a news release, Agile, which has annual revenues of less than $1 million, produces thermoformed plastic components and tooling largely for the OEM and aftermarket vehicle market.
“Kinro’s existing thermoforming capability will be substantially expanded company-wide as a result of this acquisition,” said Jason Lippert, chairman and CEO of Kinro, sister company of Lippert Components Inc. “Now we can provide thermoformed products in Northern Indiana to meet our customers’ needs.”
Scott Mereness, president of Kinro, added, “Agile’s focus on thermoformed products for the OEM and aftermarket vehicle market fits perfectly with our continuing expansion into the specialty markets.”
The acquisition price was $0.3 million paid at closing, plus up to an additional $150,000, depending on sales of this acquired operation for one year. The operation will initially be conducted at Agile’s existing facility in Elkhart, which was leased to Kinro.