Patrick Industries buying back $10 million in stock
ELKHART — One day after announcing record income for 2012, Patrick Industries announced plans to buy back $10 million worth of the company’s stock over the next year.
The board of the Elkhart-based company announced the program Friday, Feb. 22. The program doesn’t require Patrick to buy any specific number or amount of shares, but the company plans to make the purchases in the next 12 months at market prices or in private transactions, according to the company’s announcement.
The company operates across the U.S. and primarily operates as a supplier to the recreational vehicle and manufactured housing industries.
In its earnings announcement for fourth-quarter and full-year 2012, Patrick identified major growth last year, attributing much of it to the sustained growth in the RV industry.
Patrick saw rapid expansion last year, buying four companies and investing $8 million into improvements.
Patrick employs more than 1,700 people.