Patrick Industries acquires Michigan company
ELKHART, Ind. (Inside INdiana Business) – Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has acquired Michigan-based Inland Plywood Co., a supplier, laminator, and distributor of plywood and other specialty products. Financial terms of the deal were not disclosed.
Patrick says the acquisition includes working capital, machinery and equipment, and real estate. The company will continue to operate Inland on a stand-alone basis under its brand name in its existing facilities in Michigan and Florida.
“We are extremely excited to partner with the Inland team who are recognized and respected market leaders with a tremendous brand and reputation for providing innovative and quality products to the marine, RV, and industrial markets, and for consistently delivering exceptional service to their customers,” said Andy Nemeth, chief executive officer of Patrick. “Inland’s integrated lean supply chain model offers its customers a convenient, one-stop solution for value-added plywood and specialty panel sourcing, warehousing and inventory management, customer service, and logistics.”
Inland’s fiscal 2019 revenue was approximately $60 million.