The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Tue Feb 20, 2018
Elkhart, Indiana-based Patrick Industries Inc. has announced the acquisition of the business and certain assets of Metal Moulding Corporation, a manufacturer of custom metal and plastic fabricated products based in Madison, Tennessee. Metal Moulding makes metal products primarily for the marine market, including hinges, arm rests, brackets, panels and trim. It also makes plastic products including boxes, inlay tables, steps and related components.
Patrick made the acquisition to expand its presence in the marine market and to extend its expertise in metal fabrication.
"This acquisition is well-aligned with our strategic initiatives and capital allocation strategy to continue to grow our content in the primary markets we serve," says Todd Cleveland, chief executive officer of Patrick. "MMC is a high-quality custom fabricator of a variety of metal and plastic products to OEMs in the marine industry."
Metal Moulding's full-year 2017 revenues were approximately $19 million. The total cash consideration paid was approximately $20 million, plus the potential for up to $2 million of additional consideration contingent on achievement of certain performance metrics. The purchase agreement included the acquisition of Metal Moulding's accounts receivable, inventory, and machinery and equipment. Patrick will continue to operate Metal Moulding on a standalone basis under the Metal Moulding brand name in MMC's existing facility.
"MMC's custom design, engineering, manufacturing, fabrication, and powder coat capabilities, coupled with their tremendous long-standing reputation and comprehensive suite of component products, will position us to further expand our presence in the growing marine market," says Andy Nemeth, president of Patrick. "Consistent with previous acquisitions, we will support MMC with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success."
"After more than 30 years in business, we are excited to partner with Patrick, whose vast portfolio of products, resources, and customer first approach will help to further grow the MMC brand and bring a variety of value added solutions to our customers and markets. We feel that Patrick is a great fit for our team and we are poised to continue to grow our business, customer relationships, and brand platform." says Jimmy Parrish, founder and president of MMC.
Patrick Industries is a major manufacturer of component products and a distributor of building products serving the recreational vehicle, manufactured housing, marine, and other industrial markets.