“Erwin Hymer Group brings tremendous strength in product development, technology and production efficiency that complement Thor’s historic strength in the North American market, making our combined company the undisputed global leader in the RV market,” Martin explained.
Erwin Hymer Group
Thor Industries acquired all of the issued and outstanding shares of capital stock of Erwin Hymer Group. Thor paid approximately $1.7 billion in the transaction and issued 2,256,492 shares of the company’s common stock to Erwin Hymer Group shareholders.
The modifications are expected to include a purchase price reduction of €170 million (euros), which is the equivalent of $195.25 million. The size of Thor’s previously syndicated term loan facility will be reduced by an equal amount.
CTV was told there was a meeting on Tuesday morning at the facility and that employees are no longer allowed to touch the vehicles because they have already been sold.
Employees at Erwin Hymer Group have been given some clarity as they still face an uncertain future, CTV News reported. The company told employees yesterday that there are no layoffs planned in the next few months.
“We are aware that this development may cause questions and uncertainties amongst our customers and partners. We expect to have a full assessment of the situation in the coming weeks and will inform you on further developments,” the letter noted.
Thor and Erwin Hymer Group (EHG) are currently negotiating appropriate revisions to the terms of the stock purchase agreement including adjustments to the purchase price and assumed liabilities as a consequence of the exclusion of EHG’s North American operations, which builds Roadtrek motorhomes.
The letter stated that Robert Quine and Thomas Martin were appointed to oversee daily operations at Erwin Hymer Group North America pending an investigation related to a “zero tolerance policy.” Quine and Martin’s specific roles and titles were not identified.
An initial investigation has shown irregularities in the company’s reporting. EHG has initiated a detailed audit procedure involving external auditors.
(Jan. 17, 2018) — Employees say the notices were handed out on Monday morning at Erwin Hymer Group, a motorhome and caravan company that also owns the Kitchener business Roadtrek.
(Dec. 3, 2018) — The 48-year-old executive, who has international management experience, will occupy the newly created position of chief operations officer.
(Sept. 12, 2018) — Erwin Hymer Group North America Inc. will be debuting the first Sprinter-based model under the Hymer brand at the Hershey RV Show this week.
(Aug. 24, 2018) — The figures for the 2017/2018 financial year presented at the Caravan Salon in Düsseldorf underline the successful course that the company is navigating.
(June 29, 2018) — The Erwin Hymer Group has received the renowned German Brand Award 2018.
(March 12, 2018) — Thanks to its growth strategy and targeted acquisitions, the Erwin Hymer Group is benefiting greatly from a global boom in the caravanning industry.
(Feb. 16, 2018) — Erwin Hymer Group North America, Inc. had strong 2017, landing on top of the North American market for Class B Motorhomes with over 32.5 percent retail market share in North America and over 56 percent retail market share in Canada alone, per Statistical Survey Inc.
(Nov. 29, 2017) — Erwin Hymer Group North America, (EHGNA) Inc., showcases new models at the RVIA show in Louisville this week including the all new Hymer Loft Edition on the Aktiv 2.0.
(Oct. 2, 2017) — Erwin Hymer Group North America recently celebrated the grand opening of its second manufacturing facility and new head office on Reuter Drive in Cambridge.
(Aug. 22, 2017) — EHGNA has a government permit for testing an autonomous vehicle on public roads and has been working with the University of Waterloo on this technology.
(May 16, 2017) — The company introduced new products, review existing product and technologies and learn directly from their suppliers about featured items offered in the Hymer brand of products.