Universal Forest Products®, Inc. Announces Joint Venture with The Outdoor Advantage, Inc
GRAND RAPIDS, Mich., July 25 /PRNewswire/ -- Universal Forest Products® (Nasdaq: UFPI) and The Outdoor Advantage, Inc. of Snohomish, Washington today announced the formation of a joint venture for the manufacture, assembly, distribution and marketing of high quality, preassembled vinyl fencing to the Do-It-Yourself (D-I-Y) industry. The joint venture gives Universal's President, Michael B. Glenn, a seat on The Outdoor Advantage Board of Directors, and establishes Universal as the exclusive assembling, distributing and marketing arm of the venture.
David H. Lawrence, president of The Outdoor Advantage, said, "This could be the best partnership in the business as our technology on low cost, high volume manufacturing and Universal's national manufacturing and distribution system will allow our customers the opportunity for high quality, excellent service and competitive pricing in a rapidly growing market."
In 1999, The Outdoor Advantage opened their first extrusion plant in Jacksonville, Florida. They will open a new facility in Burleson, Texas, and another is planned for Reno, Nevada or Salt Lake City, Utah. This will give the venture coast-to-coast coverage for its customers.
Mike Glenn, UFPI's president and chief operating officer, said, "We have been investigating our entrance into the vinyl fencing market and feel we now have the best program to exceed customer expectations and complement our line of wood fencing and outdoor products."
Universal Forest Products® markets, manufactures, and engineers products for D-I-Y retail home centers, structural lumber products for the manufactured housing industry, engineered wood components for the site-built construction market, and specialty wood packaging for various industries. For information about Universal Forest Products® on the Internet, please contact the company's investor relations web site at www.ufpi.com , or call 888-Buy-UFPI.
Included in this report are certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and 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. 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. These risk factors and additional information are included in the company's reports on Form 10K and 10Q on file with the Securities and Exchange Commission. SOURCE Universal Forest Products®, Inc.
CONTACT: Charles R. Felix, Sr. V.P. Development and Investor Relations, or Michael R. Cole, Chief Financial Officer, 616-364-6161, both of Universal Forest Products(R); Matthew Della Croce, Vice President, 212-453-2316, or Pat McCoy, Managing Supervisor, 212-453-2272, both of Fleishman Hillard, for Universal Forest Products®