Aug 06, 2020, 16:00 EST
Bronx, United States, Aug 06, 2020, 16:00 /Comserve / -- Patrick Industries, Inc. announced that the acquisition of Inland Plywood Company has been completed.
ELKHART, Ind., Aug. 3, 2020: Patrick Industries, Inc. announced that the acquisition of Inland Plywood Company has been completed. Inland Plywood Company is a major manufacturer, laminator and wholesale retailer of treated, untreated and laminated plywood, medium-density overlay panels and other specialty items, mainly targeting the marine and recreational vehicle markets. The offices of Inland are in Pontiac, Michigan, with an additional facility in Cocoa, Florida. Inland's 2019 revenues amounted to approximately USD 60 million, and the Patrick Industries expect this acquisition to increase net earnings per share immediately. Patrick, headquartered in Indiana, produces and distributes part and construction goods for consumers. Patrick reported revenue of USD 1.01 billion during the six months ending June 28, 2020, down 17.2 per cent from USD 1.22 billion over the same timeframe of 2019.
Inland’s integrated lean supply chain platform provides its clients a simple, one-stop approach for value-added plywood and panel procurement, factory and inventory control, customer support and logistics. In addition, the deep business experience and partnerships that Inland's team has built, combined with their creative spirit, is an ideal match for the Patrick Industries. The organization will provide Inland with a financial and organizational base that will allow it to invest in and build on its core competencies. Moreover, Inland's acquisition involves the acquisition of working capital, facilities and machinery, as well as real estate. Within its current facilities Patrick will continue to run Inland as a stand-alone basis under his company name. Also, its independent marketing strategies will drive the company model and widen the retail segment.
About Patrick Industries, Inc.
Patrick Industries, Inc. is a major producer and dealer of component goods and building materials servicing motor vehicles, marine, manufactured housing, retail, high-rise, hotel, office and home furniture, fittings and business furniture and other industrial markets. Patrick's manufacturing items include countertops, imported aluminium goods, framed profile mouldings, cabinet doors and parts, decorative vinyl and paper laminated frames, hardwood furniture, plastic helmet systems, thermoformed shower surrounds, specialty bath and wardrobe construction products, fiberglass bathroom fittings and tile systems , fiberglass and many other.
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