Patrick Industries, Inc. Signs Definitive Agreement to Acquire Wiring and Electrical Products Distribution Business
ELKHART, Ind., Aug. 18 - Patrick Industries, Inc. (NASDAQ:PATK) (the "Company"), a major manufacturer and distributor of building and component products for the recreational vehicle (RV), manufactured housing (MH) and industrial markets, announced today that it has signed a definitive agreement to acquire certain assets of Blazon International Group ("Blazon"), a distributor of various wiring, electrical, lighting, plumbing and other building products to the RV and MH industries. The transaction is expected to be completed by the end of August 2010.
"This acquisition fits within the scope of our strategic plan by adding new products that will expand our existing RV and MH distribution presence, and further demonstrates our continued commitment to serve these industries," stated Todd Cleveland, President and Chief Executive Officer. "We are excited about establishing long-term relationships with Blazon's supplier base, and believe we possess the financial resources and geographic footprint to further grow these relationships and product lines through our existing established distribution channels."
"We also look forward to enhancing our customer relationships by supplying our customers with the solid product lines brought over from Blazon and with the expertise that Blazon's associates and product managers possess," Cleveland further added.
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.
Source: Patrick Industries, Inc.
Contact:
Julie Ann Kotowski,
Patrick Industries, Inc.,
+1-574-294-7511,
kotowskj@patrickind.com
Web Site: http://www.patrickind.com/
