UFPI acquires Indiana manufacturer of hardwood products
March 06 2017 - 1:23PM
Universal Forest Products, Inc. (NASDAQ:UFPI) today announced that
one of its affiliates has closed on the purchase of certain assets
of Quality Hardwood Sales, LLC, a Nappanee, Ind.-based manufacturer
and supplier of hardwood products, including components for
cabinets used in homes and recreational vehicles.
This is Universal’s first operation devoted to hardwood products
and will expand the Universal portfolio while providing Quality
Hardwood with additional markets for its products and the
opportunity to grow its customer base and product offering. Quality
Hardwood was founded in 2001 and has enjoyed steady success
throughout its history. Net sales in 2016 were approximately $30
million. The current management team will remain with the
company.
“Quality Hardwood has exceptional manufacturing expertise, a
strong management team that’s staying on, and products that are
known in the industry for their superiority. In addition, its
leaders share our devotion to lasting customer relationships and to
diversification and growth, and will be a great addition to the
Universal family of companies,” said Universal CEO Matthew J.
Missad.
Universal Forest Products also announced today that one of its
affiliates closed on the purchase of a previously announced
acquisition, Robbins Manufacturing Co., a Tampa, Fla.-based
manufacturer of treated wood products with facilities in Florida,
Georgia and North Carolina.
Founded in 1938, Robbins is a leading supplier of
preservative-treated wood products. The company has two divisions,
including Robbins Treating and Manufacturing, which operates six
wood treating facilities in Florida, Georgia and North Carolina,
including an operation in Tarrytown, Fla., which Robbins will
continue to operate. The remaining five operations are included in
the acquisition and had 2016 net sales of $86 million.
UNIVERSAL FOREST PRODUCTS, INC. Universal
Forest Products, Inc. is a holding company whose subsidiaries
supply wood, wood composite and other products to three robust
markets: retail, construction and industrial. Founded in
1955, the Company is headquartered in Grand Rapids, Mich., with
affiliates in North America, Australia, Europe and Asia. For more
about Universal Forest Products, go to www.ufpi.com.
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act, as
amended, that are based on management’s beliefs, assumptions,
current expectations, estimates and projections about the markets
we serve, the economy and the Company itself. Words like
“anticipates,” “believes,” “confident,” “estimates,” “expects,”
“forecasts,” “likely,” “plans,” “projects,” “should,” variations of
such words, and similar expressions identify such forward-looking
statements. These statements do not guarantee future performance
and involve certain risks, uncertainties and assumptions that are
difficult to predict with regard to timing, extent, likelihood and
degree of occurrence. The Company does not undertake to update
forward-looking statements to reflect facts, circumstances, events,
or assumptions that occur after the date the forward-looking
statements are made. Actual results could differ materially from
those included in such forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and
uncertainty. Among the factors that could cause actual results to
differ materially from forward-looking statements are the
following: fluctuations in the price of lumber; adverse or unusual
weather conditions; adverse economic conditions in the markets we
serve; government regulations, particularly involving environmental
and safety regulations; and our ability to make successful business
acquisitions. Certain of these risk factors as well as other risk
factors and additional information are included in the Company's
reports on Form 10-K and 10-Q on file with the Securities and
Exchange Commission.
-----AT THE COMPANY-----
Lynn Afendoulis
Director, Corporate Communications
(616) 365-1502
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