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Thor Industries, Inc. (NYSE:THO) announced its acquisition of SJC Industries, a privately-held manufacturer of ambulances based in Elkhart, Indiana, for approximately $20 million cash. Based upon SJC's prior performance, the acquisition is expected to be accretive to earnings.

We believe that SJC is currently the second largest manufacturer of ambulances in the United States. Its brands include McCoy-Miller, Marque and Premiere, sold through a nationwide network of dealers. SJC has a strong, motivated management team and workforce led by Chuck Drake, President and Jim Evans, VP Finance, who will continue in their management roles following the closing. Under Thor's new ownership SJC will continue as an independent operation, in the same manner as Thor's recreation vehicle and bus companies. Mr. Drake will report to Richard Riegel, Thor's Senior Group President.

"The ambulance business is a natural fit with Thor's Bus and RV businesses. SJC is an innovator with a strong commitment to customer satisfaction. We believe their quality is the highest in the ambulance industry," said Peter B. Orthwein, Thor Chairman, CEO, & President. "The relationship with Thor will bring many operational synergies to SJC including procurement and lean production processes, among others," he continued.

Thor is the world's largest manufacturer of recreation vehicles and a major builder of commercial buses.