Former senior executive of The Home Depot joins Board of Directors
GRAND RAPIDS, Mich.--(BUSINESS WIRE)--Oct. 19, 2009--
Universal Forest Products, Inc. (Nasdaq: UFPI) today announced that its
Board of Directors approved an increase in its Dec. 15, 2009, dividend,
to $0.20 per share, at their Oct. 15, 2009, meeting. It marks the 27th
consecutive year the Company has paid a dividend and represents the
largest increase in its history. The dividend is payable to shareholders
of record on Dec. 1, 2009.
The Company also announced the appointment of Bruce Merino, former
senior vice president of merchandising for The Home Depot and president
of Depot’s Expo Design Center, to its Board of Directors, effective Oct.
15, 2009.
“Given our strong financial position and our optimism for the future, we
chose to return cash to those who have placed their investment in
Universal Forest Products by increasing our December dividend,” said
Chairman William G. Currie. “We’re proud to be in the position to make
this decision and still have the resources available to sustain our
growth strategies so that our shareholders remain pleased with their
investment in us.”
“As long as the Company maintains its strong balance sheet, we expect to
continue semiannual dividends at this increased level,” Currie added.
“Of course, any future decisions will be affected by our capital needs
for growth, including acquisitions.”
About the appointment of Merino to the board, Currie said: “Our ability
to attract a professional of Bruce Merino’s caliber underscores the
strength of Universal Forest Products and the optimism for its future.
Bruce knows our markets and our company, and for decades he delivered
success for The Home Depot. We couldn’t have found a better, more
qualified board member and we’re honored Bruce chose to join us.”
In 2009, Bruce Merino concluded a 25-year career at Depot in the
position of senior vice president of merchandising and president of Expo
Design Center. He was a member of the senior leadership team that set
and executed strategy for The Home Depot, growing the company from 15
stores and $80 million in sales to 2,000 stores and $70 billion in
sales. Merino sits on the City of Hope’s Home Improvement Board Council
and is its chair. Prior to joining Home Depot, Merino was employed by
Handyman stores for 12 years. He has accumulated more than 37 years of
home improvement retail experience.
“I grew to have great respect for Universal as a vendor and company over
the years, and am pleased to have the opportunity to help guide its
strategies and success,” Merino said. “The strong values and work ethic
on which the company is built, the skill of its management team, its
solid, diverse business model and its keen focus on the customer give me
great confidence in Universal’s future. I’m honored to have the
opportunity to play a part, and to join solid board of experienced
leaders and strategists.”
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc. is a holding company that provides
capital, management and administrative resources to subsidiaries that
design, manufacture and market wood and wood-alternative products for
DIY/retail home centers and other retailers, structural lumber products
for the manufactured housing industry, engineered wood components for
the site-built construction market, and specialty wood packaging and
components for various industries. The Company's consumer products
subsidiary offers a large portfolio of outdoor living products,
including wood composite decking, decorative balusters, post caps and
plastic lattice. Its lawn and garden group offers an array of products,
such as trellises and arches, to retailers nationwide. Universal’s
subsidiaries also provide framing services for the site-built market and
forming products for concrete construction. Founded in 1955, Universal
Forest Products is headquartered in Grand Rapids, Mich., with facilities
throughout North America. The company reported sales of $2.2 billion in
2008. For more about Universal Forest Products, go to www.ufpi.com.
Please be aware that: Any statements included in this press release
that are not historical facts are forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are based on the beliefs of the
Company's management as well as on assumptions made by, and information
currently available to, the Company at the time such statements were
made. The Company does not undertake to update forward-looking
statements to reflect facts, circumstances, assumptions or events 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: adverse lumber market
trends, competitive activity, negative economic trends, government
regulations and weather. Certain of these 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.
Source: Universal Forest Products
Universal Forest Products, Inc.
Lynn Afendoulis
Director,
Corporate Communications
(616) 365-1502
