Patrick Closes Acquisition Of Foremost Fabricators

(RTTNews) - Building products and materials company Patrick Industries Inc (PATK) said Friday it has completed the acquisition of the business and certain assets of Goshen, Indiana-based Foremost Fabricators LLC.

Foremost is a fabricator and distributor of fabricated aluminum products, fiber reinforced polyester sheet and coil, and custom laminated products primarily used in the recreational vehicle market.

Patrick estimates Foremost's 2014 annual revenues to be about $75 million and expects the acquisition to be immediately accretive to 2014 net income per share.

The net purchase price for Foremost of about $45 million was funded under the company's newly expanded credit facility. Patrick will continue to operate the business on a stand-alone basis under the Foremost brand name in its existing facilities.