—Manufacturer of environmentally sound cellulose insulation adds new
capabilities to UFPI—
GRAND RAPIDS, Mich.--(BUSINESS WIRE)--Jan. 15, 2014--
Universal Forest Products Inc. (NASDAQ: UFPI) today announced that one
of its subsidiaries has agreed to purchase the assets of National Fiber,
a leading manufacturer of cellulose insulation located in Belchertown,
Mass., that serves major markets in the northeastern United States. The
transaction is expected to close by January 31, 2014.
“This is a strong complement to our housing and construction business,
which continues to improve in the Northeast,” said Universal Forest
Products, Inc. CEO Matthew J. Missad. “National Fiber has built a solid
business and an excellent reputation as a leader in the cellulose
insulation industry, using predominantly recycled materials. We’re
delighted to add the company and its people to the Universal family of
companies and look forward to growing success together for many years to
come.”
Through its network of distributors, National Fiber supplies its Cel-Pak
and Nu-Wool® cellulose insulation to professional cellulose installers
throughout New England, New York (from Rochester to Long Island),
Pennsylvania, Maryland and Delaware. It also sells special machines
necessary to install the products, and offers training and technical
support to installers. It was founded in 1978 and has offices and
manufacturing and training facilities in Belchertown, Mass. Sales for
2014 are forecast at $12.5 million.
“At National Fiber, we pride ourselves on being at the forefront of our
industry, and we’re pleased to be joining a company with a strong
reputation for exceptional products and service to its customers,” said
President Chris Hoch. “This is a great opportunity for our company and
people and for homeowners and builders interested in an exceptionally
effective, environmentally friendly product for their homes.”
NATIONAL FIBER
Located in Belchertown, Mass., National Fiber is a leading manufacturer
of cellulose insulation, serving the northeastern United States with
Cel-Pak and Nu-Wool insulation. It also trains professional installers,
and sells and services the equipment used for installation. Made from
recycled newsprint and with a recycled content greater than 83 percent,
excellent R-value and low embodied energy content, its cellulose
insulation represents an economical, high-performance product that
enhances consumer safety with its Class-A fire rating and fire-blocking
capabilities. For more, go to www.nationalfiber.com.
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
residential and commercial construction, specialty wood packaging and
components for various industries, and forming products for concrete
construction. 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 construction market. Founded in 1955,
Universal Forest Products is headquartered in Grand Rapids, Mich., with
operations throughout North America. 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 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.
Source: Universal Forest Products
Universal Forest Products Inc.
Lynn Afendoulis, Director, Corporate
Communications
(616) 365-1502