Thor Industries Acquires Heartland RV

JACKSON CENTER, Ohio, Sept. 17 - Thor Industries, Inc. (NYSE:THO) today announced its acquisition of Heartland Recreational Vehicles, LLC ("Heartland"), a privately-held manufacturer of towable recreation vehicles based in Elkhart, Indiana, for $100 million in cash and 4,300,000 shares of Thor Industries, Inc. common stock, subject to adjustment. The acquisition is expected to be accretive to Thor earnings, based upon Heartland's recent and historical performance.

From its founding in 2003, Heartland has become the third largest manufacturer of fifth wheels and the sixth largest manufacturer of travel trailers in the United States based upon Statistical Surveys retail market data as of June, 2010. Heartland has been the fastest growing RV manufacturer in recent years. Its brands include Bighorn, Sundance, Cyclone, North Country, and North Trail, sold through a nationwide network of dealers. Heartland has a strong, motivated management team and workforce led by Brian Brady, Tim Hoffman, John Rhymer, Dennis Donat, Coley Brady, Jeff Froschauer and Jack Culbertson, all of whom who will continue with Heartland. Under Thor's new ownership Heartland will remain as an independent operation, in the same manner as Thor's existing recreation vehicle and bus companies. Mr. Brady will report to Ron Fenech, Thor's Group President.

"Heartland's strong growth has been driven by a culture of innovation, competitive products, and attention to the retail customer," said Peter B. Orthwein, Thor Chairman, CEO, & President. "Their sales over the last 12 months exceed $400 million. Thor's new relationship with Heartland will bring many operational synergies to all Thor companies including purchasing and lean production processes, among others," he continued.

Thor is the world's largest manufacturer of recreation vehicles and a major builder of commercial buses and ambulances.

Source: Thor Industries, Inc.


Peter B. Orthwein,

Ronald J. Fenech,

or Richard E. Riegel III,

Phone: +1-937-596-6849,

Fax, +1-937-596-6539

Web Site:

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