Patrick
Industries, Inc. Completes Acquisition of Wiring and Electrical Products
Distribution Business of Blazon International Group
ELKHART, Ind., Aug. 23
/PRNewswire-FirstCall/ -- Patrick Industries, Inc. (Nasdaq: PATK) (the “Company”), announced today
that it has completed the previously announced acquisition of certain assets of
Bristol, Indiana-based Blazon International Group (“Blazon”), a distributor
of various wiring, electrical, lighting, plumbing and other building products to
the RV and MH industries, at a purchase price of approximately $3.7
million.
“We are very
excited to work with the Blazon team, and that this acquisition will provide us
with a broader portfolio of products to offer our valued customers in addition
to the array of products that we already have in our existing distribution
channels,”
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.
Forward-Looking
Statements
This press release contains certain
statements related to future results, or states our intentions, beliefs and
expectations or predictions for the future, which are forward-looking statements
as that term is defined in the Private Securities Litigation Reform Act of
1995. These forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially from either
historical or anticipated results depending on a variety of
factors. Potential factors that could impact results
include: pricing pressures due to competition, costs and availability
of raw materials, availability of commercial credit, availability of retail and
wholesale financing for residential and manufactured homes, availability and
costs of labor, inventory levels of retailers and manufacturers, levels of
repossessed residential and manufactured homes, the financial condition of our
customers, the ability to generate cash flow or obtain financing to fund growth,
future growth rates in the Company’s core businesses,
interest rates, oil and gasoline prices, the outcome of litigation, adverse
weather conditions impacting retail sales, our ability to remain in compliance
with our credit agreement covenants, and our ability to refinance or replace our
credit facility. In addition, national and regional economic
conditions and consumer confidence may affect the retail sale of recreational
vehicles and residential and manufactured homes. The Company does not
undertake to update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are
made. Further information regarding these and other risks,
uncertainties and factors is contained in the section entitled “Risk Factors” in the
Company’s
Annual Report on Form 10-K for the year ended December 31, 2009, and
in the Company’s Form 10-Qs for
subsequent quarterly periods, which are filed with the Securities and
Exchange Commission (“SEC”) and are
available on the SEC’s website at
www.sec.gov.
