Patrick Industries Inc. (PATK) announced that it completed the sale of its California facility, idle Fontana for approximately $5.6 million. As a result of the sale, the company expects to report a pre-tax gain of approximately $4.1 million in its second quarter results. The company intends to use the proceeds from the sale to reduce borrowings under its senior credit facility.
The company consolidated the molding division into its custom vinyls facility in 2007 in Fontana. The consolidation was part of Patrick's multi-phase integration effort following the acquisition of Adorn, LLC in May 2007.
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