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Patrick Industries halts operations with hope to sell

Posted on: Fri, 10 Jul 2009 20:33:00 EDT

Symbols: PATK

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Jul 10, 2009 (The Stanly News & Press - McClatchy-Tribune Information Services via COMTEX) --
PATK | Quote | Chart | News | PowerRating -- Patrick Industries, a local manufacturer and distributor, has totally stopped its operations and hopes to possibly sell its facility.

Primarily concerned with the custom lamination of panels for industrial and manufacturing housing accounts, the business relocated to New London 11 years ago from Charlotte, according to general manager William Beeker.

"It's the state of the economy," said Beeker, when questioned about the plant's closing.

"The amount of business has gone down significantly," he continued.

Based in Elkhart, I.N., Patrick Industries, Inc. (NASDAQ: PATK), is broken into two divisions, distribution and manufacturing, that produce a number of products, including moulding face frame material, cabinet doors aluminum extrusions, and refrigerator panels.

The company operates 19 distribution and or manufacturing facilities across the country, and the inner workings of the New London plant have consolidated with the Madisonville, Tenn. custom vinyls plant, which is not as large.

Plant employees completed their tasks at the end of May, with some staying around to clean out the plant through June. The last of the clean up crew assisted through last week.

"We had a great group of employees," Beeker stated.

"I hate to see them displaced, but unfortunately, there's not enough driving to keep the plant open."

Dexter Hinson can be contacted by email at snaponline21@carolina.rr.com.

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