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Goshen firm agrees to be acquired

April 4, 2008

Lippert Components Inc., an arm of publicly traded Drew Industries Inc., has agreed in principle to buy Goshen-based Seating Technology Inc., also known as Seattech.

Drew, headquartered in the New York City suburb of White Plains, did not disclose terms, but said Seattech generated $40 million in sales last year, up from $11 million in 2003.

Seattech makes folding sofas, decorative pillows and other products for recreational vehicles. Drew manufactures slide-out mechanisms for recreational vehicles and trailers.

Seattech majority owner Rick Finnigan will remain as a consultant for three years.

Vice President Joel DeVries has committed to continuing operating the company day-to-day for three years.
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