Patrick Industries Buys Illinois Company
(photo courtesy of Patrick Industries)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowElkhart-based Patrick Industries Inc. (Nasdaq: PATK) has completed the acquisition of aluminum components manufacturer Geremarie Corp. Patrick says Geremarie, which is located in Illinois, makes high-precision aluminum pieces for the marine, medical, aerospace, defense and commercial markets.
Financial details of the acquisition were not disclosed, however, Patrick projects Geremarie’s full-year 2020 revenues to be approximately $44 million.
“By utilizing their state-of-the-art, fully automated systems and manufacturing capabilities, Geremarie has been successful in driving efficiency, throughput, and continuous improvement. We are very excited to partner with Jim Schultz and the Geremarie team, and we believe this acquisition represents an attractive cross selling growth opportunity within multiple end markets while providing the potential for tremendous synergies across our brand platform.” said Patrick President and Chief Executive Officer Andy Nemeth.
Nemeth says the acquisition includes working capital and other assets. Patrick says it will continue to operate Geremarie on a stand-alone basis under its brand name and will continue to operate its existing manufacturing facility in Lake Zurich, Illinois.
This is the latest acquisition by Patrick, who earlier in the year acquired a Colorado stone company along with Synergy RV of Goshen.