UFPI acquires T&R Lumber Company, expanding agricultural business
July 14 2020 - 7:52AM
UFP Industries (Nasdaq: UFPI) today announced that one of its
affiliates acquired the operating assets of T&R Lumber Company
and its affiliates, Sullivan & Mann and Kelmar Creations. Based
in Rancho Cucamonga, California, T&R manufactures and
distributes a range of products used primarily by nurseries,
including plastic growing containers, pots and trays; wooden
stakes; trellises; tree boxes; shipping racks; and other nursery
supplies. The company had approximately $31 million in sales in
2019 and will become an affiliate of the UFP Industrial business
segment. Phil Guardia, president of T&R, will continue to run
the company.
“From the first meeting, we knew UFP Industries was a perfect
fit for us, with the right team for our company and mutual goals,”
said Phil. “Their family culture and team approach are exactly how
we have operated our companies. We can now expand our regional
success across UFP’s national footprint.”
“We’re excited by this opportunity. T&R has a strong
leadership team and solid track record of growth with new and
existing products,” said Scott Worthington, president of the UFP
Industrial business segment. “We look forward to harnessing their
expertise to grow our agricultural product offerings and customer
base at UFP affiliates across the country.”
“Our new organizational structure is creating more opportunity
to focus on new products and individual markets, and the addition
of T&R allows us to continue to expand our portfolio of
value-added offerings to agricultural customers,” said UFP
Industries CEO Matthew J. Missad. “We welcome T&R to our
dynamic and growing team!”
UFP Industries, Inc.
UFP Industries 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 throughout
North America, Europe, Asia and Australia. For more about UFP
Industries, 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---------------
Dick GauthierVP, Business Outreach(616) 365-1555
UFP Industries (NASDAQ:UFPI)
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