Business
Patrick Industries, Inc. Completes Acquisition of Geremarie Corporation
ELKHART, Ind., Nov. 17, 2020 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") announced today that it has completed the
About this update from Patrick Industries, Inc.
[{"type":"text","content":" ELKHART, Ind., Nov. 17, 2020 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (\"Patrick\" or the \"Company\") announced today that it has completed the acquisition of Lake Zurich, Illinois-based Geremarie Corporation (\"Geremarie\"), a leading designer, manufacturer and fabricator of a full suite of high-precision aluminum components serving the marine industry, in addition to the medical, aerospace, defense, commercial and industrial markets. The Company projects Geremarie's full-year 2020 revenues to be approximately $44 million and expects the acquisition to be immediately accretive to net income per share. \n\n \n \n \n \n \n \n\n \n\"Geremarie is a premier, innovative designer and fabricator of custom billet aluminum ski and wakeboard towers, components, trim, and accessories for major OEM brands in the marine sector,\" said Andy Nemeth, President and Chief Executive Officer of Patrick. \"By utilizing their state-of-the-art, fully automated systems and manufacturing capabilities, Geremarie has been successful in driving efficiency, throughput, and continuous improvement. We are very excited to partner with Jim Schultz and the Geremarie team, and we believe this acquisition represents an attractive cross selling growth opportunity within multiple end markets while providing the potential for tremendous synergies across our brand platform. In addition, the combination of Geremarie's highly specialized engineering, programming, and operational expertise has been key to their ability to pair functionality with aesthetics in creating industry leading innovation for their customers. Consistent with previous acquisitions, we will support Geremarie with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.\"\nJim Schultz, founder of Geremarie, said, \"After nearly 25 years developing and implementing the vision for our business model and growing our platform, we look forward to partnering with Patrick to continue to drive innovation with our product offering and our team's commitment to customer excellence. Patrick shares our commitment to culture and delivering the highest quality products to our customers through continuous investment in processes, manufacturing technology, people, training an...