Patrick, Flexsteel to List on Russell 3000 Index
Two key RV suppliers, Patrick Industries Inc. and Flexsteel Industries Inc., have been added to the U.S. broad-market Russell 3000 Index.
According to a press release, Russell indexes are widely used by investment managers and institutional investors worldwide for index funds and as benchmarks for both passive and active investment strategies. An industry leading $3.9 trillion in institutional assets are currently benchmarked to them.
Todd Cleveland, president and CEO of Elkhart, Ind.-based Patrick, said the company was honored to have joined the Index. “The Russell designation represents a significant milestone in Patrick’s 53 year history that will bring additional visibility to our company and our strategic initiatives as we strive to continue to create long-term value for our shareholders,” he stated.
Ronald J. Klosterman, president and CEO of Dubuque, Iowa-based Flexsteel, noted, “Many investors and institutions rely on the Russell 3000 Index as part of their investment strategy. Flexsteel’s inclusion acknowledges our strong business fundamentals and potential for future growth.”