Patrick Industries (PATK) Completes Decor Mfg. Acquisition
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Patrick Industries, Inc. (Nasdaq: PATK) has completed the acquisition of the business and certain assets of Decor Mfg., LLC, a premier laminating operation located in Tualatin, Oregon, for a purchase price of approximately $4.4 million.
Decor primarily produces laminated and wrapped products for the Oregon recreational vehicle market.
The acquisition was funded through borrowings under the Company's revolving credit facility and the issuance of 100,000 shares of Patrick common stock. The Company estimates Decor's annualized 2012 revenues to be approximately $17 million. The business will continue to operate on a stand-alone basis under the Decor Mfg. name in its existing manufacturing facility in Tualatin. Patrick currently operates a high-pressure laminate manufacturing cell for the industrial market and a distribution center for the RV and manufactured housing markets in its existing nearby Woodburn, Oregon facility.
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Decor primarily produces laminated and wrapped products for the Oregon recreational vehicle market.
The acquisition was funded through borrowings under the Company's revolving credit facility and the issuance of 100,000 shares of Patrick common stock. The Company estimates Decor's annualized 2012 revenues to be approximately $17 million. The business will continue to operate on a stand-alone basis under the Decor Mfg. name in its existing manufacturing facility in Tualatin. Patrick currently operates a high-pressure laminate manufacturing cell for the industrial market and a distribution center for the RV and manufactured housing markets in its existing nearby Woodburn, Oregon facility.
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