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Thor Industries hits the road with Jayco in $576 million purchase; shares pop

A factory worker installs rivets on an Airstream RV travel trailer at the company's assembly plant in Jackson Center, Ohio.
Luke Sharrett | Bloomberg | Getty Images
A factory worker installs rivets on an Airstream RV travel trailer at the company's assembly plant in Jackson Center, Ohio.

Shares of Thor Industries climbed nearly 7 percent Friday after it acquired Jayco, a privately held company, for approximately $576 million in cash.

Both companies manufacture RVs.

"One of the things we found most attractive about Thor was their decentralized business structure, which allows their subsidiaries to continue operating independently," said Jayco's CEO Derald Bontrager.

The multi-million dollar purchase agreement was executed and became effective Thursday.

"This investment also illustrates our confidence in the future of the RV industry as younger consumers enter and expand the market over the coming decades." said Thor's President and CEO Bob Martin.

Thor Industries shares have climbed more than 23 percent this year.

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