Trouble at Hymer?

The audit is complete and apparently they found the worst. The workers were all fired and they went into receivership today... 6 weeks for find a buyer:

https://kitchener.ctvnews.ca/employees-say-they-ve-been-fired-from-erwin-hymer-group-north-america-1.4299298?fbclid=IwAR3kuEZt1ZM4ND6kdNs0n21FK9Ig1J1Q-4t7x9wIrF1BfUE-BAwFuAgxXuE

They are finishing the inventory part of the audit. In order to do a complete audit, everything has to be shut down. You can't count parts if they are shifting between factories or on the way to dealers.

Dealers have been told not to expect any shipments until next Monday at the soonest. This started earlier this week.

Until the audit is completed, we have no real idea of what is happening... or will happen.

Production now halted. Not sure where that leaves Roadtrek going forward. New ownership and considerable employee turnover may be in the cards, assuming things can be straightened out.

bob_nestor wrote:
I thought Hymer was trying to just sell off its holdings in Roadtrek in North America, not sell its world-wide operations to Thor. From what I'd read, Hymer holds about 25% of RV sales in Europe, so they're the big kid on the block over there. When they purchased Roadtrek it was to get a toehold in North America.

And then Thor came a courting and... the Hymer family decided that they were ready to get out of the RV business... take the money and run. I suspect that Thor made an appealing offer as they have very deep pockets.

Thor didn't really care about the EHGNA part of the business, they wanted that 25% of Europe (or more). And it appears that they are getting what they wanted.

No one knows what will become of EHGNA/Roadtrek now. We won't know any more until the audit and investigations finish.

bob_nestor wrote:

kab449 wrote:
Thor is going to exclude the North American portion of Hymer. They really wanted access to the European Market anyway.

I thought Hymer was trying to just sell off its holdings in Roadtrek in North America, not sell its world-wide operations to Thor. From what I'd read, Hymer holds about 25% of RV sales in Europe, so they're the big kid on the block over there. When they purchased Roadtrek it was to get a toehold in North America. Maybe they've decided it isn't a market they want to pursue, or they know enough now that they think they can be successful with the Class B Hymer units (and others) without hanging onto Roadtrek.

https://www.rvbusiness.com/blog/Thor-Seeks-to-Exclude-North-America-in-EHG-Buyout.html
https://www.rvbusiness.com/blog/Thor-Seeks-to-Exclude-North-America-in-EHG-Buyout.html

kab449 wrote:
Thor is going to exclude the North American portion of Hymer. They really wanted access to the European Market anyway.

I thought Hymer was trying to just sell off its holdings in Roadtrek in North America, not sell its world-wide operations to Thor. From what I'd read, Hymer holds about 25% of RV sales in Europe, so they're the big kid on the block over there. When they purchased Roadtrek it was to get a toehold in North America. Maybe they've decided it isn't a market they want to pursue, or they know enough now that they think they can be successful with the Class B Hymer units (and others) without hanging onto Roadtrek.

Thor is going to exclude the North American portion of Hymer. They really wanted access to the European Market anyway.

Unless one of the factories is fake.

I suspect that Thor will still go through with the purchase, but the price is dropping fast.

This likely all stems from pre-purchase audit requirements. Two big factories (one of them brand new) with an experienced trained staff is still highly desirable.

CEO and CFO terminated immediately...wow. Hands in the cookie jar...fake invoices.