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4-Traders Homepage  >  Equities  >  Nyse  >  Winnebago Industries, Inc.    WGO

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Winnebago Industries : Grand Design RV to open new facility, owners receive stock from Winnebago sale

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11/23/2016 | 06:09pm CET

Nov. 23--ELKHART -- Grand Design RV, a subsidary of Winnebago Industries, is set to open a new manufacturing facility Monday.

The 110,000-square-foot plant will be the new manufacturing home of the company's line of Imagine travel trailers and is located adjacent to Grand Design's current 67-acre complex in Middlebury, according to a press release. The facility will allow the company to increase production capacity for the Imagine travel trailer line by 75 percent.

"Since the introduction of the Imagine product in August 2015, we have been overwhelmed with the retail success of the brand," Grand Design President and CEO Don Clark said in a statement. "We are pleased to see such positive results that have come from the hard work of our entire team of employees and dealers."

Grand Design RV, a manufacturer of towable recreational vehicles, was founded four years ago in 2012 by Don Clark, Ron Fenech and Bill Fenech. It generated $428 million in revenue in the 12-month period ending last August.

The company broke ground on the new facility in early May and is building a separate 110,000-square-foot state-of-the-art service center directly next to it. There are also plans to include a 10 spot-campground for customers who have to stay while their recreational vehicle is getting worked on.

Both facilities represent an investment of $11 million and Grand Design RV is planning to hire an additional 100 employees to go along with the 800 that are already employed with the company.

There was no update available on when the service center and campground may be completed.

WINNEBAGO SALE FINALIZED

Grand Design RV announced in early October that it had been purchased by Winnebago Industries, a Forest City, Iowa, based RV company, for $500 million in cash and new shares of Winnebago. That acquisition was finalized earlier this month.

According to United States Securities and Exchange Commission filings, Clark and the Fenech brothers each received nearly 765,000 shares of Winnebago stock as part of the sale. Their holdings are currently valued at more than $24 million each and represent an individual ownership stake in Winnebago of 2.4 percent.

Clark and the Fenech brothers also each hold an indirect minority interest in Grand Design RV.

The Fenech brothers have agreed to act as consultants with Winnebago for the next year, while Clark is now employed with Winnebago.

Follow Ben Quiggle on Twitter @BenQuiggle

___

(c)2016 The Elkhart Truth (Elkhart, Ind).

Visit The Elkhart Truth (Elkhart, Ind). at www.elkharttruth.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2017 1 409 M
EBIT 2017 117 M
Net income 2017 65,7 M
Debt 2017 216 M
Yield 2017 1,33%
P/E ratio 2017 15,47
P/E ratio 2018 11,85
EV / Sales 2017 0,79x
EV / Sales 2018 0,63x
Capitalization 899 M
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Winnebago Industries, Inc. Technical Analysis Chart | WGO | US9746371007 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 34,8 $
Spread / Average Target 5,3%
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NameTitle
Michael J. Happe President, Chief Executive Officer & Director
Robert M. Chiusano Chairman
Chris West Vice President-Operations
Sarah N. Nielsen Chief Financial Officer & Vice President
Jerry N. Currie Independent Director
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