LCI Industries (NYSE: LCII), which, through its wholly-owned
subsidiary, Lippert Components, Inc. (“LCI”), supplies a broad
array of highly engineered components for the leading original
equipment manufacturers (“OEMs”) of leisure vehicles and mobile
transportation, and the related aftermarkets of those industries,
today announced that its subsidiary, Lippert Components
Manufacturing, Inc., has acquired substantially all of the business
assets (collectively referred to under the business name
“SureShade”) of Rodan Enterprises, LLC, effective October 21, 2019
(the “Effective Date”). LCI welcomes SureShade’s previous owners,
Ronald and Danalyn Russikoff, and the SureShade team to the LCI
family.
SureShade, a designer and manufacturer of sunshade systems for
the outdoor recreation industry in North America and Europe, holds
a number of innovative patents on its automated retractable shade
systems that allow it to deliver improved sun protection and
comfort. LCI looks forward to working closely with the SureShade
team to implement synergies, take advantage of increased
efficiencies, and broaden our sales impact through LCI’s already
extensive reach in Europe and the North American marine OEM and
aftermarket. Danalyn Russikoff will continue to lead the SureShade
sales team and assist LCI in expanding our global marine
presence.
“Combining SureShade’s products with our Taylor Made bimini tops
and accessories helps us provide our customers with a broad
offering of awning and shade solutions for any type of boat.
SureShade has also recently expanded into the RV segment, with the
debut of the SureShade RV awning at the 2019 RVX,” said Jason
Lippert, CEO and President of LCI. Continued Lippert, “We are
excited to add SureShade’s dedicated employees to our team and,
together, create and deliver innovative sunshade solutions
worldwide.”
“Today we have fully realized our vision of attracting the ideal
strategic partner to take the SureShade brand and product line to
an unprecedented level of value creation for our clients. Ron and I
are proud to have developed an innovative sunshade system that has
transformed the boating experience and built a sustainable business
that is now well positioned for growth in both marine and RV. We
are grateful for the marine industry’s support since our IBEX
launch in 2007 and we are now very excited to not just pass but
combine torches with LCI to solidify our combined position as a
market leader for sunshade solutions in the outdoor recreation
industry,” said Dana Russikoff, Business Leader and Co-Founder of
SureShade.
About LCI Industries
From over 65 manufacturing and distribution facilities located
throughout North America and Europe, LCI Industries, through its
wholly-owned subsidiary, LCI, supplies, domestically and
internationally, a broad array of engineered components for the
leading OEMs in the recreation and industrial product markets,
consisting of recreational vehicles and adjacent industries,
including buses; trailers used to haul boats, livestock, equipment,
and other cargo; trucks; boats; trains; manufactured homes; and
modular housing. The Company also supplies components to the
related aftermarkets of these industries primarily by selling to
retail dealers, wholesale distributors, and service centers. LCI’s
products include steel chassis and related components; axles and
suspension solutions; slide-out mechanisms and solutions;
thermoformed bath, kitchen, and other products; vinyl, aluminum,
and frameless windows; manual, electric, and hydraulic stabilizer
and leveling systems; entry, luggage, patio, and ramp doors;
furniture and mattresses; electric and manual entry steps; awnings
and awning accessories; electronic components; appliances;
televisions, sound systems, navigation systems, and backup cameras;
and other accessories. Additional information about LCI and its
products can be found at www.lci1.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
with respect to our financial condition, results of operations,
business strategies, operating efficiencies or synergies,
competitive position, growth opportunities, acquisitions, plans and
objectives of management, markets for the Company’s common stock,
and other matters. Statements in this press release that are not
historical facts are “forward-looking statements” for the purpose
of the safe harbor provided by Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended, and involve a number of risks and
uncertainties.
Forward-looking statements, including, without limitation, those
relating to our future business prospects, net sales, expenses and
income (loss), cash flow, and financial condition, whenever they
occur in this press release are necessarily estimates reflecting
the best judgment of the Company’s senior management at the time
such statements were made. There are a number of factors, many of
which are beyond the Company’s control, which could cause actual
results and events to differ materially from those described in the
forward-looking statements. These factors include, in addition to
other matters described in this press release, pricing pressures
due to domestic and foreign competition, costs and availability of,
and tariffs on, raw materials (particularly steel and aluminum) and
other components, seasonality and cyclicality in the industries to
which we sell our products, availability of credit for financing
the retail and wholesale purchase of products for which we sell our
components, inventory levels of retail dealers and manufacturers,
availability of transportation for products for which we sell our
components, the financial condition of our customers, the financial
condition of retail dealers of products for which we sell our
components, retention and concentration of significant customers,
the costs, pace of and successful integration of acquisitions and
other growth initiatives, availability and costs of production
facilities and labor, employee benefits, employee retention,
realization and impact of expansion plans, efficiency improvements
and cost reductions, the disruption of business resulting from
natural disasters or other unforeseen events, the successful entry
into new markets, the costs of compliance with environmental laws,
laws of foreign jurisdictions in which we operate, and increased
governmental regulation and oversight, information technology
performance and security, the ability to protect intellectual
property, warranty and product liability claims or product recalls,
interest rates, oil and gasoline prices, the impact of
international, national and regional economic conditions and
consumer confidence on the retail sale of products for which we
sell our components, and other risks and uncertainties discussed
more fully under the caption “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2018, and in
the Company’s subsequent filings with the Securities and Exchange
Commission. The Company disclaims any obligation or undertaking to
update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are
made, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191021005848/en/
Brian M. Hall, CFO Phone: (574) 535-1125 E Mail:
LCII@lci1.com
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