Patrick Industries acquires Elkhart manufacturer
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Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed its acquisition of Transhield, a manufacturer of protective covers for a variety of industries also based in Elkhart. Financial terms of the deal announced Monday were not disclosed.
Transhield, founded in 1994 by Greg Todt, make shrinkable and non-shrinkable fabric covers for the recreational vehicle, marine, military and HVAC markets, among many others.
The company says the goal is to protect equipment and assets from corrosion, damage and harsh conditions during transport and storage.
“Transhield’s innovative and quality product solutions have significant potential across multiple market sectors, and their culture, spirit, and industry reputation for customer service are an ideal fit within our portfolio of companies and independent brands,” Patrick CEO Andy Nemeth said in a news release. “As with previous acquisitions, we will provide a financial and operational foundation that will allow Transhield to continue to drive its strategic vision and capitalize on its core competencies.”
Patrick did not specify if any jobs would be affected by the deal. However, Transhield is expected to continue operating on a standalone basis under its current brand name in its existing facilities.