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PRESS RELEASE [LOGO]
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Date: June 14, 2000
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Contact: Leigh J. Abrams
President and Chief Executive Officer
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Phone: (914)428-9098 Fax: (914)428-4581
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E Mail: [email protected]
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For Immediate Release
DREW ANNOUNCES COMPLETION
OF ITS SELF-TENDER OFFER
White Plains, New York - Wednesday, June 14, 2000 - Drew Industries
Incorporated (AMEX:DW) announced today that its Offer to Purchase expired at
5:00 p.m. on June 13, 2000. A total of 1,503,570 shares of the Company's Common
Stock were tendered pursuant to the Offer to Purchase, all of which will be
purchased by the Company at $8.00 per share. Payment for such shares will be
mailed as soon as practicable by ChaseMellon Shareholder Services, L.L.C., the
Depositary for the Offer to Purchase.
On May 31,2000, the original offer, dated May 1, 2000, was amended to
increase the number of shares of Common Stock that the Company could purchase
from 500,000 shares to 1.3 million shares, and the offer period was extended to
June 13, 2000. Pursuant to the Offer to Purchase, the Company is entitled to
purchase up to an additional 2 percent of its outstanding Common Stock, or an
aggregate of 1,522,000 shares.
As a result of the completion of the Offer to Purchase, the Company's
outstanding Common Stock will be reduced from 11.1 million shares to 9.6 million
shares. The shares purchased will be become treasury shares and will not be
retired. The Company used $12 million of its line of credit to repurchase such
shares.
Drew, through its wholly-owned subsidiaries, Kinro Inc., Lippert
Components, Inc., Lippert Tire & Axle, Inc. and Coil Clip, Inc., supplies a wide
variety of components for manufactured homes and recreational vehicles.
Manufactured products include windows, doors, chassis, chassis parts, roofs and
new and refurbished axles. The Company also distributes new and refurbished
tires. The Company operates 39 plants in 18 states. [Logo]
