Drew Industries to Acquire Supplier of Patented RV Bed Lift Systems

WHITE PLAINS, N.Y., March 20 -- Drew Industries Incorporated today announced that its wholly-owned subsidiary Lippert Components, Inc. has agreed in principle to acquire the net assets and business of Kaysville, Utah-based Happijac Company, a supplier of patented bed lift systems for recreational vehicles. Drew expects closing of the acquisition within approximately 60 days, subject to completion of due diligence, the execution of definitive agreements, and satisfaction of customary closing conditions.

Happijac, which also manufactures other RV products such as slide-out systems, tie-down systems, camper jacks and several new products expected to be introduced to the marketplace, had annual sales in excess of $12 million in 2005. Subsequent to the acquisition, Happijac's owners intend to continue operating Happijac at their existing 74,000-square-foot factory located near Salt Lake City, Utah, which Lippert will lease.

Happijac recently obtained patents related to its bed lift systems used primarily in toy-hauler trailers, one of the fastest growing segments of the RV industry. The bed lift system allows beds to be raised to the ceiling when the "toys," such as motorcycles, snowmobiles or four-wheelers, are being stored in the back of the trailer and then lowered to provide sleeping accommodations.

"As with all of our acquisitions, we expect this to be immediately accretive to Drew's earnings," said Leigh J. Abrams, Drew's President and CEO. "Happijac's sales have grown rapidly over the last several years, indicating increased market penetration for their products. At the same time, the market for toy-haulers continues to grow as more Americans take their 'toys' with them on the road. Happijac's product line complements our existing RV products and will be a source of new revenue moving forward."

About Drew:

Drew, through its wholly owned subsidiaries, Kinro and Lippert Components, supplies a broad array of components for RVs and manufactured homes. Drew's products include vinyl and aluminum windows and screens, doors, chassis, chassis parts, RV slide-out mechanisms and power units, leveling devices, bath and shower units, axles, steps, electric stabilizer jacks, as well as trailers for hauling equipment, boats, personal watercrafts and snowmobiles, and chassis and windows for modular homes and offices. From 47 factories located throughout the United States and one factory in Canada, Drew serves most major national manufacturers of RVs and manufactured homes in an efficient and cost- effective manner. Additional information about Drew and its products can be found at http://www.drewindustries.com/ .