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 .
Fri Mar 2, 2018
Patrick Industries, Inc. (NASDAQ: PATK) this week announced it has completed the acquisition of Elkhart, Indiana-based Aluminum Metals Company, LLC (AMC), a manufacturer and distributor of aluminum products. AMC’s products include coil, fabricated sheets and extrusions, in addition to roofing products, primarily for the RV, industrial and marine markets. AMC's full-year 2017 revenues were approximately $38 million. The total cash consideration paid was approximately $16.5 million.
"Consistent with our strategic growth initiatives in conjunction with our capital allocation and acquisition strategies, the acquisition of AMC allows us to capitalize on its value-added manufacturing capabilities, products, and expertise as a high-quality supplier of a variety of customized fabricated aluminum products to the primary markets we serve," says Todd Cleveland, chief executive officer of Patrick.
Andy Nemeth, president of Patrick, says, "We look forward to partnering with AMC, whose product offering and available capacity complement our existing aluminum and metals platform, and provide us with an opportunity to further drive synergies and add additional content per unit in the RV, industrial and marine markets. Consistent with previous acquisitions, we will support AMC 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."
The acquisition of AMC included the acquisition of accounts receivable, inventory, prepaid expenses, and machinery and equipment, and was funded under the Patrick’s existing credit facility. Patrick will continue to operate AMC on a stand-alone basis under its brand name in its existing facility.