Goshen News, Goshen, IN

Breaking News

March 5, 2012

Patrick Industries buys laminating company

ELKHART — Patrick Industries Inc. has completed the acquisition of Decor Manufacturing, a laminating operation located in Tualatin, Ore., for approximately $4.4 million. Decor primarily produces laminated and wrapped products for the Oregon recreational vehicle market, according to Patrick Industries.  

“The Oregon market is significant in terms of RV market potential as it relates to overall Northwestern United States RV production levels, and we estimate it to be the second largest RV producing geographic sector outside of the Midwest... In addition to providing opportunities for the company to increase its market share and per unit content, we believe the acquisition will afford the company the immediate potential to establish a significant RV presence in the Northwest,” said Todd Cleveland, president and chief executive officer at Patrick.

Patrick officials said it is estimated that Decor’s annualized 2012 revenues to be approximately $17 million. Decor will operate on a stand-alone basis under the Decor Mfg. name in its existing manufacturing facility in Tualatin. According to Patrick officials, the acquisition was funded through borrowing under the company’s revolving credit agreement and the issuance of 100,000 shares of Patrick common stock.

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