Thor Industries temporarily halts production at all North American plants and a “substantial portion” of its European plants, effective Monday, March 23. Despite the temporary production halt, the company expressed confidence it was well-prepared to weather the current economic uncertainty.
“As the coronavirus pandemic continues to evolve, Thor remains focused on the safety of its employees, their families, and all of the communities in which we operate,” Thor Industries President and CEO Bob Martin said. “The concern for the safety of our people is always paramount, but the situation of today is unique and calls for action.”
Prior to the onset of the coronavirus outbreak in the United States, Thor received reports of strong early season results and high optimism from North American dealers, Martin said. Sales also seemed strong in Europe. Dealers had sold through their inventory glut to reach appropriate inventory levels, he said.
While Thor could not have anticipated current conditions and the impact on the RV industry, Martin said, the company’s variable cost model gives it the flexibility to reduce, or ramp up, production quickly as market conditions change. This ability will be a key benefit to Thor as the company and its employees, dealers and customers adapt to the effects of the pandemic.
“We will continue to monitor the COVID-19 situation closely, including the work of the CDC, World Health Organization, and other government agencies, and will update our actions and policies as appropriate,” Martin said. “We believe the long-term RV market will be robust once again, and when that time comes, we will take advantage of our flexible business model to quickly resume production to meet dealer orders. As we look to the future when we are past the coronavirus pandemic, we remain optimistic about the long-term outlook for both Thor and the RV industry.”
