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|Patrick Industries, Inc. Completes Acquisition of Medallion Plastics, Inc. and Announces Expansion of Existing Credit Facility|
Medallion, located in
"Medallion is recognized as a high quality designer and manufacturer of a wide array of innovative custom thermoformed plastic components and its flexible manufacturing process allows it to produce virtually any thermoformed component to meet its customers' needs," said
"Medallion's high quality product lines, vast product engineering capabilities, technical expertise, and custom molds and tooling provide us with the opportunity to continue to drive our business model through expansion into other industrial markets, as well as further increase our RV content per unit," said
The acquisition of Medallion included the acquisition of accounts receivable, inventory, prepaid expenses, and machinery and equipment, and was funded under the Company's existing credit facility. Patrick will continue to operate the business on a stand-alone basis under the Medallion brand name in its four existing facilities.
Credit Facility Expansion
Separately, the Company entered into a third amendment to its credit agreement, dated
"We are very appreciative of the continued support and confidence shown by our banking partners. The increase in our credit facility capacity, coupled with our recent equity offering, provides us with a strong financial foundation to continue to execute on our long-term strategic growth plan and capital allocation strategy and drive both organic and acquisition-related growth initiatives," stated Mr. Nemeth.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. Potential factors that could impact results include: the impact of any economic downturns especially in the residential housing market, a decline in consumer confidence levels, pricing pressures due to competition, costs and availability of raw materials, the imposition of restrictions and taxes on imports of raw materials and components used in our products, information technology performance and security, the availability of commercial credit, the availability of retail and wholesale financing for residential and manufactured homes, the availability and costs of labor, inventory levels of retailers and manufacturers, the financial condition of our customers, retention and concentration of significant customers, the ability to generate cash flow or obtain financing to fund growth, future growth rates in the Company's core businesses, the seasonality and cyclicality in the industries to which our products are sold, realization and impact of efficiency improvements and cost reductions, the successful integration of acquisitions and other growth initiatives, increases in interest rates and oil and gasoline prices, adverse weather conditions impacting retail sales, our ability to remain in compliance with our credit agreement covenants, and general economic, market and political conditions. In addition, national and regional economic conditions may affect the retail sale of recreational vehicles and residential and manufactured housing. The Company does not undertake to update forward-looking statements, except as required by law. Further information regarding these and other risks, uncertainties and factors is contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/patrick-industries-inc-completes-acquisition-of-medallion-plastics-inc-and-announces-expansion-of-existing-credit-facility-300426012.html
Julie Ann Kotowski, Patrick Industries, Inc., 574-294-7511 / email@example.com