PATRICK INDUSTRIES, INC. (NASDAQ:PATK) Files An 8-K Regulation FD DisclosureItem 7.01Regulation FD Disclosure.
On July 17, 2017, the Company announced the completion of the acquisition of the business and certain assets of Elkhart, Indiana-based Wire Design, a manufacturer of wire harnesses for the recreational vehicle, marine and industrial markets.
Wire Design’s trailing 12-months revenue through June 2017 was approximately $10.0 million and the Company expects the acquisition to be immediately accretive to net income per share. The net purchase price for Wire Design of approximately $10.9 million was funded under the Company's existing credit facility and included the acquisition of accounts receivable, inventory, prepaid expenses, and machinery and equipment. Wire Design will continue to operate on a stand-alone basis under its brand name in its existing facility.
On July 17, 2017, the Company issued a press release (the "Press Release") related to the information set forth under Item 7.01 of this Report.
A copy of the Press Release is furnished herewith as Exhibit 99.1.
The information referenced in this Form 8-K is furnished to Item 7.01, “Regulation FD Disclosure.” Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits.
Exhibit 99.1 Press Release issued July 17, 2017.
PATRICK INDUSTRIES INC ExhibitEX-99.1 2 exhibit991.htm EXHIBIT 99.1 Exhibit Patrick Industries,…To view the full exhibit click
About PATRICK INDUSTRIES, INC. (NASDAQ:PATK)
Patrick Industries, Inc. (Patrick) is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industries. The Company operates in two segments: Manufacturing and Distribution. The Company’s manufacturing segment’s lamination operations utilizes various materials, such as lauan, medium density fiberboard (MDF), gypsum, and particleboard, which are bonded by adhesives or a heating process to a number of products, including vinyl, paper, foil and high-pressure laminates. The Company’s distribution segment distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics, wiring, electrical and plumbing products, FRP products, cement siding, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds. It also distributes interior and exterior lighting products, and other miscellaneous products.