Patrick Continues Acquisition Momentum
ELKHART - Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed its acquisition of a South Carolina-based manufacturer. Financial terms of the deal for Engineered Metals and Composites Inc. are not being disclosed.
EMC designs and manufactures custom marine towers, frames, and other components for manufacturers in the marine industry. Patrick says it will continue to operate EMC on a stand-alone basis under its brand name in its existing facility.
"EMC's technical expertise and innovative product offerings complement our marine product portfolio, and provide us with an excellent opportunity to further penetrate the marine market, increase our content per unit, and leverage our existing capabilities within our marine-centric brands," said Todd Cleveland, chief executive officer of Patrick. "This acquisition is aligned with our strategic initiatives and capital allocation strategy and we look forward to working with the EMC team to help further drive brand value."
While Patrick is not stating the specific price of the acquisition, the company says the deal was funded under its existing credit facility.