swebster posted on October 20, 2010 08:55
Winnebago Industries Announces Letter of Intent for Potential Acquisition
Oct. 18, 2010 (Business Wire) -- Winnebago Industries, Inc. (NYSE:WGO), a leading United States (U.S.) motor home manufacturer, today reported the Company has signed a Letter of Intent indicating its interest in acquiring SunnyBrook Manufacturing, Inc. Upon execution of this Letter of Intent, the Company began a due diligence process that will result in a formal assessment of SunnyBrook Manufacturing and a final decision on proceeding with the acquisition. The Company anticipates the due diligence process to be completed such that the acquisition would be finalized by the end of the calendar year. A more thorough statement will be made at that time regarding the complete scope of this potential acquisition.
“We began our journey to access potential diversification efforts last year with the announcement on November 4, 2009 that we had created a new position for strategic planning, and as part of that new assignment, Randy Potts, our Sr. Vice President, Strategic Planning, was tasked with investigating potential diversification strategies,” said Winnebago Industries' Chairman, CEO and President Bob Olson. “This potential acquisition would mark the first action the company has taken on this front.”
About SunnyBrook Manufacturing
SunnyBrook Manufacturing is located in Middlebury, Indiana and produces a variety of towable RVs under the SunnyBrook RV brand name consisting of Harmony, Brookside, Bristol Bay, Edgewater and Sunset Creek travel trailers and Harmony, Brookside, Bristol Bay, West Pointe, Big Dog and Titan fifth wheel trailers.
About Winnebago Industries
Winnebago Industries, Inc. is a leading U.S. manufacturer of motor homes which are self-contained recreation vehicles used primarily in leisure travel and outdoor recreation activities. The Company builds quality motor homes under the Winnebago, Itasca and ERA brand names with state-of-the-art computer-aided design and manufacturing systems on automotive-styled assembly lines. Winnebago Industries has received the Quality Circle Award from the Recreation Vehicle Dealers Association every year since the award's inception in 1996.
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