GRAND RAPIDS, Mich.--(BUSINESS WIRE)--May. 16, 2012--
Universal Forest Products, Inc. (Nasdaq: UFPI) today announced that a
subsidiary of the Company has purchased certain assets of Haleyville,
Ala.-based MSR Forest Products, LLC, a supplier of roof trusses and
cut-to-size lumber to the region’s manufactured housing producers.
The purchase was completed on May 16, 2012. The move allows Universal to
enhance its capacity utilization and reduce costs as the Company merges
its existing Haleyville, Ala., operations with the operations of MSR. In
addition to its Alabama facility, MSR has a plant in Waycross, Ga.,
which also is a part of the transaction. In 2011, MSR had annual sales
of $10 million.
“MSR has been a strong company that has grown its success with great
determination and skill,” said Matthew J. Missad, CEO of Universal
Forest Products, Inc. “However, with shrinking volume in the
manufactured housing arena, it was difficult to maintain efficiencies
and create profitable business. This move will benefit both companies.
In addition, it allows Universal to underscore our commitment to
maintain our leadership position in the industry in which we got our
start, manufactured housing.”
“We will grow upon MSR’s long history of success and we will serve their
customer base seamlessly, offering the quality and service for which
Universal is known,” Missad added.
Said Richard Roberson, managing partner of MSR: “We entered into this
agreement because we knew our valued customers would be well-served by
Universal, which has grown its reputation for delivering excellence over
nearly six decades. This is the right move for the industry, for our
company and for the customers we’ve proudly served for so many years.”
Roberson and another MSR principal, Eddie Gamble, will stay on as
consultants to the Universal operation for five years.
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
