July 28, 2009 (FinancialWire) — Patrick Industries, Inc. (NASDAQ: PATK) (Current Market Cap: $15.77 Mil.) said it has completed the sale of certain assets of its Mishawaka, Indiana-based aluminum extrusion operation to Patrick Aluminum, Inc.

Net proceeds from the sale were $7.4 million and are subject to final transaction costs and certain closing adjustments, according to Patrick.

The company said that around $4.4 million of the net proceeds were used to pay down principal on Patrick’s term loan and pay off its Economic Development Revenue Bonds related to the facility. The remaining funds were used to reduce borrowings on the company’s revolving line of credit.

Elkhart, Indiana-based Patrick Industries is a manufacturer of component products and distributor of building products serving the manufactured housing, recreational vehicle, kitchen cabinet, home and office furniture, fixture and commercial furnishings, marine, and other industrial markets.

The company operates coast-to-coast through locations in 13 states. Patrick’s manufactured products include decorative vinyl and paper panels, wrapped moldings, cabinet doors and components, slotwall and slotwall components, and countertops.

Patrick also distributes drywall and drywall finishing products, interior passage doors, flooring and roofing products, vinyl and cement siding, ceramic tile, and other miscellaneous products.

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