ELKHART, IN - Patrick Industries Inc. (NASDAQ: PATK), a manufacturer of wood and laminated components for a wide range of building products, has purchased the business and certain assets of Decor Manufacturing LLC of Tualatin, OR, for approximately $4.4 million.
Decor mainly specializes in the production of laminated parts and wrapped profiles for the recreational vehicle market.
"The Oregon market is significant in terms of RV market potential as it relates to overall Northwestern United States RV production levels, and we estimate it to be the second largest RV producing geographic sector outside of the Midwest," said Todd Cleveland, president and CEO of Patrick, which is based in Elkhart, the epicenter of the nation's RV industry. "In addition to providing opportunities for (Patrick) to increase its market share and per unit content, we believe the acquisition will afford (us) the immediate potential to establish a significant RV presence in the Northwest."
Decor will continue to operate as a stand-alone business under its own name; the company's annualized sales are projected at $17 million this year. Patrick operates a high-pressure laminate faciility and a distribution center for the RV and manufactured housing markets in nearby Woodburn, OR.
Patrick funded the purchase of Decor by borrowing under its revolving credit faciltiy and the issuance of 100,000 shares of Patrick common stock.
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