Business
Patrick Industries, Inc. Completes Acquisition of Inland Plywood Company
ELKHART, Ind., Aug. 3, 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., Aug. 3, 2020 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (\"Patrick\" or the \"Company\") announced today that it has completed the acquisition of Inland Plywood Company (\"Inland\"), a premier supplier, laminator, and wholesale distributor of treated, untreated, and laminated plywood, medium density overlay panels, and other specialty products, primarily serving the marine market as well as the recreational vehicle (\"RV\") and industrial markets. Inland is headquartered in Pontiac, Michigan with an additional facility located in Cocoa, Florida. Inland's fiscal 2019 revenue was approximately $60 million, and the Company expects the acquisition to be immediately accretive to net income per share. \n\n \n \n \n \n \n \n\n \n\"We are extremely excited to partner with the Inland team who are recognized and respected market leaders with a tremendous brand and reputation for providing innovative and quality products to the marine, RV, and industrial markets, and for consistently delivering exceptional service to their customers,\" said Andy Nemeth, President and Chief Executive Officer of Patrick. \"Inland's integrated lean supply chain model offers its customers a convenient, one-stop solution for value-added plywood and specialty panel sourcing, warehousing and inventory management, customer service, and logistics. In addition, the deep industry knowledge and relationships that Inland's team has developed coupled with their entrepreneurial spirit are an excellent fit with our culture, and we are thrilled to bring our two companies together as we continue to strive to serve our customers at the highest level. Consistent with previous acquisitions, we will support Inland with a financial and operational foundation that will allow it to invest in and capitalize on its core competencies.\"\nTim MacEachern, Co-Owner of Inland, said, \"Our family started this business with core values centered around taking care of our team and our customers, and my brother Steve and I look forward to joining with the Patrick team to continue the legacy of the Inland brand and enhancing its value proposition to our customers and their growth strategies.\"\nSteve MacEachern, Co-Owner of Inland, said, \"The Inland team is excited to partner with Patrick and its independent brand strategy to continue to drive our business model an...