History
Thor Industries, Inc. was founded on August 29, 1980, when Wade F. B. Thompson and Peter B. Orthwein acquired Airstream. The name "Thor" combined the first two letters of each entrepreneur's name. Despite its image, Airstream had not fared well during the economic downturn of the late-1970s. By focusing on improving quality while reducing costs, Airstream returned to profitability in its first year under the new Thor management.
In 1982, Thor purchased the Canadian company, General Coach, which manufactures travel trailers and motorhomes. Also part of this acquisition was Thor America, which manufactures Citation and Chateau travel trailers and fifth wheels.
In 1984, Thor became a public company and in 1986 was listed on the New York Stock Exchange. That same year, Forbes magazine ranked Thor sixth out of the "200 best small companies in America."
In 1991, Thor acquired Dutchmen, a brand of fifth wheel and conventional travel trailers. Four Winds International, manufacturer of class A and C motorhomes, was acquired in 1992. Komfort, a maker of fifth-wheel and conventional travel trailers, and Skamper, a builder of folding camping trailers, became members of the Thor family in 1995.
1996 saw the start up of Thor California and the introduction of the Tahoe and Wanderer brands of trailers and fifth wheels. These products became instant hits with RV-ers and the fastest-growing brands on the market.
With the acquisition of Keystone RV in 2001, Damon RV in 2003, and CrossRoads RV in 2004, Thor Industries is the largest RV manufacturer.
In September 2010, Thor Industries' subsidiaries Damon Motor Coach and Four Winds International merged to form Thor Motor Coach. Thor Motor Coach has become the top retail selling motorhome manufacturer in North America. Thor Motor Coach produces several brands of Diesel Pushers, Class A, Class B Plus, Class C Motorhomes that are distributed in the Italy, United Kingdom, Australia, New Zealand, India, Japan, Canada, and the United States.
Thor announced its acquisition of Heartland Recreational Vehicles, LLC, a privately held RV manufacturer based in Elkhart, Indiana, for $100 million in cash and 4,300,000 shares of Thor Industries, Inc. common stock, subject to adjustment on Sept 17th, 2010. The acquisition, Thor’s first major purchase since 2005 and just two weeks after its 30th anniversary, was rumored for several days.
Thor is also the largest mid-size bus manufacturer, having acquired ElDorado Motor Corp., National Coach, Champion Bus, Heartland and Goshen Coach throughout the past two decades.
Like several other firms in the industry, Thor offers employee incentives based on productivity, with reductions in bonuses based on warranty work. Thor encourages employees to be actively involved in community programs and Thor executives serve on the boards of numerous civic organizations.
Read more about this topic: Thor Industries
Famous quotes containing the word history:
“The principle that human nature, in its psychological aspects, is nothing more than a product of history and given social relations removes all barriers to coercion and manipulation by the powerful.”
—Noam Chomsky (b. 1928)
“The view of Jerusalem is the history of the world; it is more, it is the history of earth and of heaven.”
—Benjamin Disraeli (1804–1881)
“The history of any nation follows an undulatory course. In the trough of the wave we find more or less complete anarchy; but the crest is not more or less complete Utopia, but only, at best, a tolerably humane, partially free and fairly just society that invariably carries within itself the seeds of its own decadence.”
—Aldous Huxley (1894–1963)