Patrick Industries, Inc. Completes Sale of Aluminum Extrusion Operation
Patrick Industries, Inc. (Elkhart, IN), a major manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, announced that it has completed the sale of certain assets of its aluminum extrusion operation located in Mishawaka, IN to Patrick Aluminum, Inc., a member of the UMC family of companies.
Net proceeds from the sale were $7.4 million and are subject to final transaction costs and certain closing adjustments. Approximately $4.4 million of the net proceeds were used to pay down principal on the Company’s term loan and pay off its Economic Development Revenue Bonds related to this facility, and the remaining funds were used to reduce borrowings on the Company’s revolving line of credit.
Patrick Industries, Inc. manufactures component products and distributes building products serving the manufactured housing, recreational vehicle, kitchen cabinet, home and office furniture, fixture and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 13 states. Patrick’s major manufactured products include decorative vinyl and paper panels, wrapped moldings, cabinet doors and components, slotwall and slotwall components, and countertops. The Company also distributes drywall and drywall finishing products, interior passage doors, flooring and roofing products, vinyl and cement siding, ceramic tile, and other miscellaneous products.
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