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| PATK > SEC Filings for PATK > Form 8-K on 28-Jul-2009 | All Recent SEC Filings |
28-Jul-2009
Completion of Acquisition or Disposition of Assets, Financial Statements a
On July 27, 2009, Patrick Industries, Inc., (the "Company") issued a press release announcing that it has completed the sale of certain assets of its aluminum extrusion operation located in Mishawaka, Indiana to Patrick Aluminum, Inc., a member of the UMC family of companies. Net proceeds from the sale were $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.
Approximately $4.4 million of the net proceeds were used to pay down principal on the Company's term loan and pay off its Economic Development Revenue Bonds related to this facility, and the remaining funds were used to reduce borrowings on the Company's revolving line of credit.
A copy of the press release is furnished herewith as Exhibit 99.1.
(d) Exhibits.
Exhibit 99.1 - Press Release issued July 27, 2009.
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