Patrick Industries, Inc. Provides Business Update Regarding COVID-19

About this update from Patrick Industries, Inc.

[{"type":"text","content":"Temporarily Suspending Operations at Certain Facilities\n\n\nELKHART, Ind., March 26, 2020 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (\"Patrick\" or the \"Company\"), a major manufacturer and distributor of component and building products for the recreational vehicle, marine, manufactured housing, and industrial markets, today provided a business and operations update regarding the coronavirus (COVID-19) pandemic. \n\n \n \n \n \n \n \n\n \n\"In order to continue to both balance production levels with customer demand and prioritize the well-being of our team members, as well as maintain compliance with mandates by certain state governments and other government agencies, we will be temporarily suspending operations at certain of our facilities,\" said Andy Nemeth, President and Chief Executive Officer. \"The suspensions, which are determined on a plant by plant basis, are currently expected to range from one to two weeks depending on government requirements or the demand needs of the specific markets in which we operate. We will continue to closely monitor the situation and will take the appropriate actions, as needed, as they relate to our operations, the health and safety of our team members, the communities in which we operate, our customers and all our other stakeholders. Certain facilities where local conditions allow or that are determined to be supplying products for an essential use will continue to operate, although with an elevated focus on safety. We strive to have, and continue to implement, best practices, policies and procedures as they continually evolve in conjunction with guidelines established by the Centers for Disease Control, the World Health Organization, and other government agencies to protect our team members, which is our highest priority.\"\n\"We believe we are well-positioned to drive our business and execute off of our operational and financial platforms in this uncertain time as we have a high variable cost, flexible business model firmly in place that allows us to quickly adjust our production levels as market conditions change,\" Mr. Nemeth further stated. \"In addition, in partnership with our incredibly dedicated and talented team members, we have enacted certain measures, and are prepared to enact further measures in the event the situation dictates, related to cost reductions in o...

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