Patrick Industries acquires another Elkhart company
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Elkhart-based Patrick Industries Inc. has acquired another manufacturer headquartered in Elkhart. Financial terms of the deal for Elkhart Composites Inc. are not being disclosed.
Elkhart Composites, formerly a subsidiary of Elkhart-based Thor Industries Inc., manufactures composite products for sidewalls and ceilings used in recreational vehicles and other products.
“We are excited about the opportunity to further partner with Thor as we expand Patrick’s own high-quality composite panel solutions to our markets,” Patrick CEO Andy Nemeth said in a news release. “Elkhart Composites’ products will join our growing portfolio of brands that supply composite materials, further aligning our commitment to excellence and serving our RV and Marine OEM customers at the highest level.”
A spokesperson for Patrick Industries declined to provide additional details of the acquisition to Inside INdiana Business, including how many employees are under Elkhart Composites’ umbrella.
Founded in 1959, Patrick Industries manufactures components for the RV, marine, powersports and housing markets.
Patrick is Indiana’s 17th largest public company with $3.5 billion in revenue in 2023, according to IBJ research. The company has 10,000 employees across its entire footprint, including about 5,200 in Indiana.
Shares of Patrick Industries’ stock was up 0.95% to $96.64 per share at midday trading Tuesday.