Malmö, June 29th 2009 – Thule, the world leader in Sports and
Utility Transportation has decided to divest its North American towing
systems operations through a management buy-out. The business will be
taken over by five management representatives led by current Business
Area President George Caplea. The agreement is effective from today
June 29th 2009.
“The business landscape for Valley branded towing products has gone
through dramatic changes since we bought the operations in 2006. Towing
Systems in North America are especially hit by the decline in demand”,
comments Thule CEO Anders Pettersson. “The Board of Directors has
therefore taken a strategic decision to focus on sales to the
aftermarket in North America for cargo and sport as well as
professional contractor products. “Handing over the business to the
current management team around George Caplea will ensure that the
interests of customers, suppliers and employees are seamlessly taken
care of in the best way”, concludes Anders Pettersson.
Thule Towing Systems with the Valley brand is currently number two
in the North American market with annual sales of approx 55 MUSD. Thule
acquired the company mid 2006 and has since then invested a substantial
amount into the restructuring of the business. During 2008
manufacturing was moved from Madison Heights to Lodi, California, to
better offset the volume decline in the North American market for
towing systems.
Thule has annual global sales of approximately 800 MUSD. One third
of Group sales are generated on the North American market through
business area Vehicle Accessories based in Seymour, Connecticut, and
through business area Organization Solutions based in Longmont,
Colorado.
Buyer and seller have agreed to not disclose the purchase price.
Thule is the world leader in Sports and Utility Transportation
offering accessories to active families, outdoor enthusiasts and
professionals who want to transport their equipment by vehicles safely,
easily and in style. The company has leading market positions globally
and operates from more than 30 sites employing 3,500 people. The
company has annual sales of approx 800 MUSD and is headquartered in
Malmö, Sweden.