Elkhart Composites acquired by Thor Industries

In December 2021, Thor Industries Inc. (Elkhart, Ind., U.S.), a U.S. manufacturer of recreational vehicles (RVs) acquired Elkhart Composites Inc. (Elkhart) through Thor’s subsidiary, Airxcel Inc. (Wichita, Kan., U.S.). Elkhart Composites is engaged in the development and sale of a proprietary sustainable foamed polypropylene-based composite material marketed and sold under the “Elkboard” brand name. Lightweight, rigid, durable and sustainable, Elkboard is used in the RV industry for sidewalls, in lieu of traditional lauan-based sidewalls, alleviating susceptibility of rot or delamination.

“We are excited about this acquisition for many different reasons,” says Bob Martin, Thor president and CEO. “For decades, the RV industry has sourced lauan wood from tropical hardwood forests which continue to be overharvested. As the recent supply chain constraints have demonstrated, sourcing such materials from the other side of the world can no longer be taken for granted and our ability to quality control lauan products is severely limited. Elkboard, on the other hand, is sustainable, and is fabricated locally.”

He notes that with additional investment in R&D, Elkboard’s application potential, which is already used in many of Thor’s RV offerings, will grow exponentially. “Thor and Airxcel have already committed to making capital investments into Elkboard to expand its production capacity to a multiple of its current production capacity,” Martin adds. “This is [also] the first opportunity for us to continue to build on our recent Airxcel acquisition and the strategy that drove that acquisition.”

“While I had numerous suitors, Thor and Airxcel were the most natural fit,” John Petrofsky, Elkhart Composites’ president and CEO, points out. Prior to the decision, he had been looking for the right partner to assist in expanding the production and use of Elkboard, as demand began to outpace Petrofsky’s ability to produce it. “Thor’s embrace of sustainable technologies and products combined with its focus on innovation made it the right choice for the company. Thor’ss leadership has believed in the potential of Elkboard product since our first introduction, and I look forward to growing Elkhart Composites’ product offerings, production volume and applications with Airxcel.”