Thor Industries, Inc. is an American manufacturer of recreational vehicles (RVs). The company sells towable and motorized RVs through its subsidiaries brands including Airstream, Heartland RV, Jayco, Livin Lite RV, and others. The company's headquarters is in Elkhart, Indiana. It has manufacturing facilities in Michigan, Ohio, Indiana, Idaho and Oregon.
History
1980–1987: Foundation, acquisition of Airstream, going public
Thor Industries, Inc. was founded on August 29, 1980, when Wade Thompson and Peter Busch Orthwein acquired Airstream from Beatrice Foods. The name "Thor" combined the first two letters of each entrepreneur's name. Airstream had not fared well during the economic downturn of the late 1970s, losing $12 million the year before it was acquired. Thompson and Orthwein had also previously acquired the Hi-Lo Trailer Company. Thor restructured Airstream and returned Airstream to profitability within one year.
In 1982, Thor acquired the Canada-based General Coach, a manufacturer of travel trailers and motorhomes. The company went public in 1984 and joined the New York Stock Exchange under the stock ticker symbol "THO" in 1986. Thor purchased The Establishment “McPheters Machine Products” which was a manufacturer of Both Class A and C motorhomes. In 1986, it was listed among Forbes "200 best small companies in America".
1988–2004: Expansion into bus market, further RV acquisitions
In 1988, Thor acquired the small bus manufacturing division of the Kansas-based ElDorado Motor Corp. It would later acquire the California-based bus manufacturer, National Coach, in 1991. Thor merged the two bus divisions to create ElDorado National.
Thor also continued acquiring RV and travel trailer makers, including Indiana-based Dutchmen in 1991 and Four Winds International (also based in Indiana) in 1992. By 1994, Thor Industries was the second-largest manufacturer of RVs in North America. In 1995, Thor acquired two RV makers: Skamper (an Indiana-based manufacturer of folding travel trailers) and Komfort (an Oregon-based travel trailer company). In 1996, the company established Thor California, an RV manufacturer based in its namesake state with models like the Tahoe and Wanderer.
Thor added to its roster of bus manufacturers by acquiring the Michigan-based Champion Bus for $11 million in 1998. The company finalized a $145-million deal in 2001 to acquire Keystone RV, an Elkhart, Indiana-based manufacturer of travel trailers and fifth wheels. The deal was one of the largest in the history of the company and gave Thor a 25% market share in travel trailers and fifth wheels. In 2003, it added Damon Motor Coach of Elkhart, Indiana which it purchased for $46 million in cash. Damon's park trailer subsidiary brand, Breckenridge, was also included in the deal. The following year, Thor acquired Topeka, Indiana-based CrossRoads RV for $27 million.
2005–2012: Acquisition of more RV brands, sale of bus division
In May 2005, Thor acquired Goshen Coach, a bus manufacturer from Indiana that had filed for Chapter 11 bankruptcy earlier in the month. In November 2009, Wade Thompson stepped down as the company's CEO and was replaced by Peter Busch Orthwein. Orthwein had served as the company's treasurer and director since founding it. Soon after the announcement, Thompson died due to complications of colon cancer.
In March 2010, Thor acquired SJC Industries, an Elkhart-based manufacturer of ambulances, for $20 million. SJC's brands of McCoy Miller, Marque, and Premiere were also included in the sale. In April of that year, the company sold its Canadian General Coach subsidiary to management. Later in 2010, Thor acquired Heartland RV, another Elkhart-based maker of fifth wheels and lightweight RVs. The company also consolidated Damon Motor Coach and Four Winds International to create Thor Motor Coach that year.
In late 2012, Thor purchased two bus companies: California based Krystal Infinity and Ohio based luxury bus maker, Federal Coach. Krystal was acquired through Thor's ElDorado National subsidiary and operations were moved to the Salina, Kansas facility. Federal was acquired through Thor's Champion subsidiary and operations were moved to the Imlay City, Michigan facility. In the spring of 2013, Thor moved its headquarters from Jackson Center, Ohio to Elkhart, Indiana. In May 2013, Thor sold its ambulance subsidiary, SJC Industries, to Wheeled Coach Industries. Later that year, Thor would sell its entire fleet of bus brands (Champion, ElDorado National, Federal Coach, Krystal Infinity, Goshen Coach, and General Coach America) to Allied Specialty Vehicles for $100 million.