Winnebago Industries Completes Acquisition of Lithionics Battery
May 01 2023 - 8:30AM
Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor lifestyle
product manufacturer, today announced that it has completed its
previously communicated acquisition of Lithionics Battery
(“Lithionics”), a premier lithium-ion battery solutions provider to
the recreational equipment and specialty vehicle markets.
Winnebago Industries President and Chief Executive Officer
Michael Happe said, “The addition of Lithionics accelerates our
innovation in diverse battery solutions and advances our overall
electrical ecosystem, creating more opportunities for our RV and
marine products to capitalize on consumer preferences for fully
immersive, off-the-grid outdoor experiences, while enhancing our
enterprise margin profile. Following years of close partnership, we
are pleased to welcome the talented Lithionics team to the
Winnebago Industries family. We look forward to working together to
expand the use of Lithionics’ efficient energy solutions within our
own portfolio, as well as supporting Lithionics in growing
relationships with its existing customers and exploring new market
applications for its premier battery solutions.”
J.P. Morgan Securities LLC served as exclusive financial advisor
to Winnebago Industries and Faegre Drinker Biddle & Reath
served as legal advisor.
About Winnebago IndustriesWinnebago Industries,
Inc. is a leading North American manufacturer of outdoor lifestyle
products under the Winnebago, Grand Design, Chris-Craft, Newmar and
Barletta brands, which are used primarily in leisure travel and
outdoor recreation activities. The Company builds quality
motorhomes, travel trailers, fifth-wheel products, outboard and
sterndrive powerboats, pontoons and commercial community outreach
vehicles. Winnebago Industries has multiple facilities in Iowa,
Indiana, Minnesota and Florida. The Company's common stock is
listed on the New York Stock Exchange and traded under the symbol
WGO. For access to Winnebago Industries' investor relations
material or to add your name to an automatic email list for Company
news releases, visit http://investor.wgo.net.
About Lithionics BatteryLithionics Battery is a
leading provider of lithium-ion batteries to the recreational
equipment and specialty vehicle markets and a wholly owned
subsidiary of Winnebago Industries. Using a proprietary Battery
Management System called NeverDie® Technology, it offers a broad
range of standard and custom-designed battery configurations
delivering “house power,” supporting internal electrical features
and appliances for a variety of outdoor products for the marine and
recreational vehicle markets. Other markets served include both
house power and traction power for low-speed electric vehicle
markets, as well as cell towers and industrial applications
requiring ruggedized power systems. Lithionics Battery operates a
modern factory using technology that was designed and built
in-house for advanced assembly. Key proprietary technologies
include source code and firmware that in turn has created unique
quality assurance and safety testing systems, validated by
certifications from Underwriters Laboratories Solutions (“UL”), a
leader in safety accreditation and testing. Lithionics Battery was
founded in 2010 and is headquartered in Clearwater, Florida.
Forward-Looking StatementsThis press release
may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Investors are
cautioned that forward-looking statements are inherently uncertain
and involve potential risks and uncertainties. A number of factors
could cause actual results to differ materially from these
statements, including, but not limited to competition and new
product introductions by competitors, our ability to attract and
retain qualified personnel, business or production disruptions,
sales order cancellations, a slowdown in the economy, low consumer
confidence, increases in interest rates, availability of credit,
integration of operations relating to merger and acquisition
activities generally, the possibility that the Lithionics Battery
acquisition may not perform as expected, difficulties and expenses
related to integrating Lithionics Battery into our business,
possible unknown liabilities of Lithionics Battery, significant
costs related to the Lithionics Battery acquisition, increased
focus of management attention and resources on the Lithionics
Battery acquisition, increased material and component costs,
exposure to warranty claims, and exposure to product liability
claims. Additional information concerning certain risks and
uncertainties that could cause actual results to differ materially
from that projected or suggested is contained in the Company's
filingsContactsInvestors: Ray
Posadasir@winnebagoind.com
Media: Daniel Sullivanmedia@winnebagoind.com
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