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Thor Industries resumes RV production at some European sites

(Source: www.spglobal.com )

 

Thor Industries Inc. said April 14 that it has resumed production of recreational vehicles at certain European sites, with plans to resume work at more facilities in the region later in April and across North America on May 4.

 

The company's stock closed up 10.30% to $51.30 following the announcement.

 

The Indiana-based recreational-vehicle maker temporarily shut down production in North America and a portion of its manufacturing activities in Europe in March due to the coronavirus outbreak. Earlier in April, the company said it has furloughed a number of employees during the plant closures.

 

In its latest announcement, Thor said its units in Europe and North America "spent considerable time and effort" to ensure increased worker safety as soon as production resumes. Thor has adjusted production lines and made necessary changes to allow for social distancing where possible.

 

In terms of supply, the company said it is closely monitoring sales and dealers' inventory levels, adding that dealer inventory levels were enough for the spring season prior to the impact of the pandemic. Several states in the U.S. have restricted dealers' sales operations, while some of Thor's dealers in other states have shifted to online sales channels.

 

During the plant closures, the company said its subsidiaries have continued to provide warranty, technical and parts support to its dealer partners and owners.