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Lippert Components Subsidiary Signs Agreement To Acquire Polyplastic Group

Polyplastic is a window supplier to the caravaning industry and attributes a portion of its sales to the European supermarket, trailer and e-mobility industries.

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LCI Industries, which, through its wholly-owned subsidiary, Lippert Components, Inc. (LCI), supplies a broad array of highly engineered components for the leading original equipment manufacturers (OEMs) in the recreation and transportation product markets, and the related aftermarkets of those industries, recently announced that its subsidiary, LCI Industries B.V., has entered into a definitive agreement to acquire Polyplastic Group B.V. (Polyplastic), a manufacturer of acrylic window and door products headquartered in Rotterdam, Netherlands. Polyplastic is a window supplier to the caravaning industry and attributes a portion of its sales to the European supermarket, trailer and e-mobility industries. Through September 2019, Polyplastic had trailing 12-month revenue of approximately €55 million. This transaction is expected to close in January 2020, subject to customary closing conditions.

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LCI has a long history of producing a significant number of windows for its core customers in the recreational vehicle, heavy equipment, bus and trailer industries in North America. In just the last few years, LCI has expanded its window offerings into additional markets and geographies through several strategic acquisitions. This process began with its acquisition of Sessa Klein S.p.A in 2017, which grew LCI’s operational capabilities to include highly engineered window systems for both high speed and commuter rail. In 2018, LCI acquired Taylor Made Group, LLC, allowing LCI to expand into the marine window market throughout North America and Europe. LCI’s recent acquisition of Lewmar Marine Ltd. in 2019 further grew LCI’s product lines and manufacturing capabilities in the marine market, which includes marine windshields, patio doors and sunroofs. Once the transaction has closed, this acquisition of Polyplastic will accelerate LCI’s expansion into the European recreational vehicle, trailer, supermarket and e-mobility vehicle window market, and allow it to introduce Polyplastic’s acrylic window products to its customer base throughout North America.

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“We are extremely excited to add Jan Peter and the rest of the Polyplastic team to the LCI family,” said Jason Lippert, CEO and president of LCI. “The acquisition of Polyplastic will give LCI many great opportunities around new products that will help leverage LCI in existing markets in which we have a strong presence as well as many new markets in which Polyplastic has a secure foothold. LCI is already a premier supplier of windows and glass in many of the industries that we serve. By adding Polyplastic’s acrylic windows to our product lineup coupled with the continuation of its long-standing history of excellence, LCI’s ability to service the European Caravan industry is set to reach an all-time high. Polyplastic’s lightweight acrylic window and sunroof solutions also grant us access to several other great industries and markets in Europe that we could not have previously entered without this technology. I’m excited to see how Jan Peter and our current European team led by Jim Menefee, Michele Checcucci, Peter Tierney and Joerg Reithmeier, strategic consultant for LCI, will be able to grow LCI’s footprint in the European Caravan industry and beyond.”

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Jan Peter Veeneman, owner and CEO of the Polyplastic Group commented, “Polyplastic was founded by my father in 1952. The fascination for acrylic, as a new lightweight alternative for glass, was the motivation to start the company. Over the years, passion, innovation, design, customer focus, quality, reliability, flexibility and operation excellence have been the most important drivers for our success and present position. For our next phase, I’m convinced that LCI, including Jason Lippert and his team, holds the same values as Polyplastic, which is well known for cooperation with its customers. It is exciting to be joining a professional family of companies that can help provide synergies, new products and innovation. I will remain as CEO of Polyplastic after the completion of the transaction to continue Polyplastic’s partnership with its loyal customers and help guide it to a new future.”

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Jim Menefee, VP of operations for Europe, said, “Our caravan team in Europe has admired the business and products of Polyplastic for a long time. The addition of this business, and its great people, leadership and innovation, will extend LCI’s European product line even further into the caravan space. I am excited to work with such a talented leadership team in Europe and look forward to the growth to come.”

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