UFPI acquires Pallet USA, boosting industrial capacity and services in the Midwest
September 16 2019 - 4:05PM
Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that
one of its affiliates has acquired Hartford, Wisconsin-based Pallet
USA, LLC. The acquisition expands Universal’s industrial product
capacity and services in the Midwest.
Pallet USA operates one facility that manufactures pallets and
crates. The company also distributes industrial lumber and sheet
stock and provides services such as heat treating, pallet removal
and recycling, custom product design, delivery and managed
inventory programs. Bruce Church, president and CEO of Pallet USA,
will remain with the operation as general manager of operations
through 2019, then transition into a consulting role to assist with
new sales efforts to national customers.
“We’re excited to welcome Pallet USA to the UFP family of
companies,” stated Matthew J. Missad, CEO of Universal Forest
Products. “The acquisition allows us to grow our presence in the
Milwaukee area and will help us serve manufacturers that have a
larger regional, national or international presence. Pallet USA
also operates a profitable pallet reclamation business, providing
customers with a cost-effective solution for their wood pallet
needs, that could be scaled to other UFP facilities. Bruce Church
and his team have done an excellent job growing their business, and
we’re excited to help them achieve their full potential.”
“As a UFP company, we see great opportunities for serving both
Pallet USA customers and existing Universal customers,” said Bruce.
“We will be able to enhance our presence in the market while adding
more product and service offerings. Universal’s size will also
allow us to provide our employees with greater career
opportunities. This is a great time in the history of our
company.”
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc., soon to be known as UFP
Industries, 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
throughout North America, Europe, Asia and Australia. 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---------------
Brandon FroyslandDirector of Finance(616) 365-1589
UFP Industries (NASDAQ:UFPI)
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