MHProNews has learned from finance.yahoo that manufactured home and recreational vehicle component supplier Patrick Industries, Inc. (NASDAQ:PATK) has completed the acquisition of Vacuplast, LLC, d/b/a LS Manufacturing, Inc., producer of thermoformed plastic components, primarily for the recreational vehicle industry.

Founded in 2003, the company’s 12-months trailing revenue through May 2016 totals $12 million. Patrick acquired the LS for $11 million and expects it to be immediately accretive to 2016 net income per share. The acquisition includes accounts receivable, inventory, and machinery and equipment. In today’s trading, Patrick’s stock closed up 3.4% at $62.40, as MHProNews reported in the Daily Business News stock report, here. Patrick was the  top performing stock in  today’s trading of all the MH-related stocks we follow.

Todd Cleveland, Patrick’s CEO said, “In addition to increasing our RV content per unit, complementing our existing product portfolio at our Charleston operations, and bringing new and innovative product lines, the acquisition of LS Mfg. allows us the opportunity to further expand our presence and capabilities in the growing plastics market.”

LS Mfg. will continue to operate in its existing facility under its own name. With headquarters in Elkhart, IN, Patrick is a component supplier and distributor of building supplies of wide array to the manufactured home and recreational vehicle industries, as well as to a variety of other industries. ##

(Patrick Headquarters, Elkhart, IN.-credit=elkharttruth/Emily Pfund-postedDailyBusinessNewsMHProNews)

Article submitted by Matthew J Silver to Daily Business News-MHProNews.