Richard Cheese Posted December 22, 2006 Share Posted December 22, 2006 (edited) Wednesday, November 22, 2006 By JONATHAN SHIKES The Press-Enterprise Inland Southern California is home to nearly a dozen RV makers. National RV, with 1,000 employees, and Weekend Warrior, with 1,500, are two of the largest. In a move symbolizing the recent decline of one Inland RV maker and the rise of another, National RV Holdings will sell its 50-acre Perris compound to Weekend Warrior Holdings and plans to lease back the property as a tenant. The $33.5 million deal, scheduled to close Dec. 21, will allow National RV to lease the space for 10 years with two five-year renewal options. It will provide the publicly traded National RV with much-needed cash and a way to pay off some of its debt, Chief Executive Brad Albrechtsen said in a statement. No one from National RV returned calls seeking comment. National RV has been steadily losing money for the past six years as it struggled with internal problems and a declining market for motor homes. Earlier this month, it reported a $7.1 million quarterly loss, as sales slipped 15 percent over the same time last year. Between 2001 and 2005, National RV has lost more than $68.5 million. Its share price is near historic lows. In August, longtime investor and board member Bob Lee resigned, saying he had lost confidence in the 42-year-old company's ability to survive. And in July, the company said it would have to rebuild 72 motor homes after discovering they had been manufactured with defective fiberglass panels. National RV has sued the panel makers, Stamford, Conn.-based Crane Co. and its subsidiary, Kemlite. As National RV suffered, however, Weekend Warrior has blossomed. Founded in 1988 by Mark Warmoth, the Perris-based firm has grown into a $275 million powerhouse known for pioneering the "toy hauler" segment of the industry. Popular in California and the southwestern U.S., toy haulers are trailers featuring living quarters in the front and a garage in back for off-road vehicles. Last month, the company, which has outgrown its headquarters, bought an 80,000-square-foot former military building on 17 acres in the Meridian business park, just south of Riverside and west of Interstate 215. Terms were not disclosed. The privately held manufacturer, which previously made only trailers, unveiled its first motorized RVs at a consumer show in Pomona last month. "We need room, baby," Gary Denton, vice president of sales and marketing for Weekend Warrior, said Wednesday. "We are in awe of our own growth." Denton said Warmoth believes it is a good time to invest in commercial real estate and could choose to build more factory space on the land in the future. Weekend Warrior already had close ties to its one-time competitor. In 2004, it bought National RV's travel-trailer line and still leases 80,000-square- feet of space in National RV's plant, Denton said. National RV only makes motor homes now. National RV's production there has slipped from about 60 units per week at one time to less than 40 in recent months, meaning the 600,000-square- foot complex is only running at about 35 percent of its capacity, Albrechtsen said last week. National RV Holdings also owns Country Coach Inc., a Junction City, Ore.-based luxury motor homes builder that has been doing well. Inland Southern California is home to nearly a dozen RV makers. National RV, with 1,000 employees, and Weekend Warrior, with 1,500, are two of the largest. RV company buys rivals' site Edited December 22, 2006 by RICHARDCHEESE Quote Link to comment Share on other sites More sharing options...
Vegas FX400 Posted December 22, 2006 Share Posted December 22, 2006 man, u got waaaayyyy too much time to kill Quote Link to comment Share on other sites More sharing options...
dunefreak Posted December 22, 2006 Share Posted December 22, 2006 man, u got waaaayyyy too much time to kill I was JUST thinking that! Whatup Jason, you off today and surfing the net like crazy or what? Quote Link to comment Share on other sites More sharing options...
Richard Cheese Posted December 22, 2006 Author Share Posted December 22, 2006 I was JUST thinking that! Whatup Jason, you off today and surfing the net like crazy or what? no, just doing some reading while my students are taking a 2 hour math test I read these, and thought it might help someone here make a decision. plus being wired up on 4 shots of espresso doesn't help either.(where is that take apart the VCR emoticon???) :xmas_wink: Quote Link to comment Share on other sites More sharing options...
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