ELKHART, Indiana, -- Patrick Industries, Inc. NASDAQ:PATK, a manufacturer and distributor of building and component products for the recreational vehicle (RV), manufactured housing (MH) and industrial markets, has signed a definitive agreement to acquire certain assets of the cabinet door business of Quality Hardwoods Sales, a limited liability company. The transaction is expected to be completed in January 2010.
"This acquisition fits within the scope of our strategic plan by adding products which complement our existing RV product lines," stated Todd Cleveland, President and Chief Executive Officer. "Patrick's expertise in the cabinet door industry and its state of the art manufacturing facility afford the Company the opportunity to further drive value for its customers and shareholders and gain additional market share, while at the same time improving both our profitability and leverage positions."
Patrick Industries, Inc. is a manufacturer of component products and distributor of 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, roofing products, vinyl and cement siding, electronic products, and other miscellaneous products.
Julie Ann Kotowski, Patrick Industries, Inc., 1-574-294-7511, kotowskj@patrickind.com
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