26/03/2020

26 March 2020
26 March 2020, Comments Comments Off on Lippert Components responds to COVID-19 outbreak by donating 1,000 face masks and suspending some production facilities
Lippert Components responds to COVID-19 outbreak by donating 1,000 face masks and suspending some production facilities

In response to the COVID-19 pandemic, Lippert Components, Inc. (“LCI”) is donating 1,000 face masks to hospitals and temporarily suspending production at selected manufacturing facilities across the U.S. and Europe. Production will be able to continue its facilities which are considered essential utilizing reduced staff levels and heightened cleaning and sanitization processes.

The temporary closures are being implemented to protect the health and safety of its team members, align production with current demand levels, and adhere to federal and state mandates.

LCI has over 90 manufacturing and distribution facilities located throughout North America and Europe.

“As the impact of the evolving COVID-19 pandemic continues, we are suspending production at certain manufacturing facilities, with 15 of our sites anticipated to remain open after the end of the week. We have also implemented a number of actions to ensure we are adhering to guidelines set forth by the World Health Organization and the Centers for Disease Control and Prevention. We are monitoring the situation closely and are poised to promptly re-start production at closed facilities as soon as OEM and dealer partners see a less restricted consumer environment,” commented Jason Lippert, LCI Industries’ President and Chief Executive Officer.

Ryan Smith, LCI Industries’ Senior Vice President of Operations commented, “Our team’s ability to come together and react quickly to increasing regulatory mandates and production suspensions by our key customers is a testament to the strength of LCI as an organization and the culture we have built. I could not be prouder of the extraordinary effort from our executive leadership to the men and women leading on the front lines of our operations.”

“While we had a strong start to the first quarter, the uncertainties around the ultimate impact of COVID-19 are not clear at this point. As a result, we are making quick and prudent changes to the business to ensure we remain nimble as an organization to mitigate downside risk in a lower demand environment. We believe that our cash flow generation capabilities, coupled with a strong and flexible balance sheet, supported by current cash on hand and available borrowings on our existing revolving credit facility of approximately $240 million, will enable us to enhance our position as the leader in the various markets we serve during these difficult times,” Lippert continued. “I remain extremely confident in our team’s ability to operate efficiently through this crisis. This leadership team has been together more than 20 years and has a proven ability to navigate challenging operating environments, such as September 11th and the 2008 great recession. In those times, we have always emerged faster and stronger than our supply side peers. Rest assured, we are taking the necessary steps to protect our team members, provide excellent support for our customers and dealers, and preserve long-term value for our shareholders.”

LCI supplies, in the U.S. and internationally, a range of highly engineered components for original equipment manufacturers (“OEMs”) in the recreation and transportation product markets, and the related aftermarkets of those industries.

LCI’s products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; and other accessories. Additional information about LCI and its products can be found at www.lci1.com.