Elkhart, Ind.-based Patrick Industries Inc., a component manufacturer for the RV, marine and manufactured housing markets, acquired Elkhart Composites Inc., a manufacturer of alternative-wood sidewall and ceiling products, from Thor Industries.
Elkhart Composites developed Elkboard, a foamed polypropylene-based composite material that is lightweight, rigid and durable, for RV sidewalls to replace lauan plywood from tropical hardwood forests.
Extruded in sheets with more than 20 percent recycled material, Elkboard can be compression molded for projects and also is used for automotive applications, display signs, packaging and musical instruments.
Thor had acquired Elkhart Composites in 2021 for its Airxcel Inc. subsidiary "to enter the ground floor of a new and exciting business."
Now Patrick Industries has acquired the company to boost its product offering.
"We are excited about the opportunity to further partner with Thor as we expand Patrick's own high-quality composite panel solutions to our markets," Patrick CEO Andy Nemeth said in a news release. "Elkhart Composites' products will join our growing portfolio of brands that supply composite materials, further aligning our commitment to excellence and serving our RV and Marine OEM customers at the highest level."
Founded in 1959, Patrick Industries owns 85 brands and employs 10,000 people. The company is scheduled to release annual sales results for 2024 on Feb. 6.
In 2023, sales of $3.5 billion were down 29 percent from 2022's record of $4.9 billion. The decrease reflected the impact of a 37 percent decline in RV-related shipments, a 7 percent decline in marine units, and a 21 percent decline in manufactured housing units due to inflation and interest rates weighing on demand.