Goshen News, Goshen, IN

Business

June 27, 2014

Patrick Industries finishes acquisition of Foremost Fabricators

GOSHEN — Patrick Industries Inc. has completed the $45 million acquisition of Goshen-based Foremost Fabricators.

Foremost is a fabricator and distributor of fabricated aluminum products, fiber reinforced polyester sheet and coil, and custom laminated products primarily used in the recreational vehicle market, according to the company.  The company estimates Foremost’s 2014 annual revenues to be approximately $75 million and expects the acquisition to be immediately accretive to its 2014 net income per share.

Bud Stout, chief executive officer and founder of Foremost, said he will be leaving the company but the other shareholders and executives will stay on. Patrick will operate the business on a stand-alone basis under the Foremost brand name in its existing facilities.

Patrick Industries is a manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 10 states.

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Poll

Three Goshen elementary schools — Chandler, Chamberlain and West Goshen — are providing free meals to all students during the school year as part of the U.S. Department of Agriculture’s Community Eligibility Provision of the Healthy Hunger-Free Kids Act of 2010. Nearly 80 percent of students at Chandler, 89 percent of students at Chamberlain and 78 percent of students at West Goshen already qualify for free or reduced-price lunches based on their family income. How do you feel about the new lunch program?

I think it’s a good idea to feed all the students free of charge
I think those who can afford it should pay for their school meals
I think all students should be required to pay for their school meals
     View Results