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Patrick Industries, Inc. (PATK) has signed a definitive agreement to sell certain assets of its aluminum extrusion operation located in Mishawaka, Indiana to Patrick Aluminum, Inc., a member of the UMC family of companies. The transaction is expected to be completed by the end of July 2009. Net proceeds from the sale are expected to be approximately $7.4 million and are subject to final transaction costs and certain closing adjustments.
The aluminum extrusion operation produces and paints semi-fabricated and fabricated aluminum extrusions for structural and non-structural applications, and comprised Patrick's Engineered Solutions business segment. This business segment was classified as a discontinued operation in the fourth quarter of 2008. The Company anticipates using a portion of the net proceeds received from the sale of fixed assets and the building that houses the aluminum extrusion operation to pay down principal on the Company's term loan and pay off the Economic Development Revenue Bonds related to this facility in the third quarter of 2009.
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