ELKHART, Ind., June 16, 2011-- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company"), announced today that it has completed the acquisition of certain assets of Elkhart, Indiana-based Praxis Group ("Praxis"), a manufacturer and distributor of countertops, foam products, shower doors and furniture products to the RV industry with projected annualized revenues of approximately $4 million.
"We are very excited to work with the Praxis team and be afforded the opportunity to continue to bring new products to our existing customer base and potentially to other customers outside of the RV industry. The Praxis team has deep customer relationships and a highly innovative approach to the manufacturing and distribution of products within the RV industry that will provide a direct complement to our strategic focus," stated Todd Cleveland, President and Chief Executive Officer.
About Patrick Industries
Patrick Industries, Inc. (www.patrickind.com) is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 12 states. Patrick's major manufactured products include decorative vinyl and paper panels, wrapped mouldings, cabinet doors and components, interior passage doors, slotwall and slotwall components, and countertops. The Company also distributes drywall and drywall finishing products, electronics, adhesives, cement siding, interior passage doors, roofing products, laminate flooring, and other miscellaneous products.
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