Patrick Completes Extrusion Business Sale for $7.4M
Patrick Industries Inc., an Elkhart, Ind.-based manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, announced Monday (July 27) that it has completed the sale of certain assets of its aluminum extrusion operation located in Mishawaka, Ind., to Patrick Aluminum Inc., a member of the UMC family of companies.
Net proceeds from the sale were $7.4 million and are subject to final transaction costs and certain closing adjustments. Approximately $4.4 million of the net proceeds were used to pay down principal on the company’s term loan and pay off its economic development revenue bonds related to this facility. The remaining funds were used to reduce borrowings on the company’s revolving line of credit.