Universal Announces Organizational Changes to Drive Growth
Beginning Jan. 1, 2010, Universal Forest Products Eastern Division, Inc. will be divided into two entities: a Northern Division and a Southern Division. Scott Greene, currently president of the Eastern Division, will become president of the Southern Division. Robert Lees, a 32-year Universal veteran and regional vice president of the Company's Northeast Region, is being promoted to president of the Northern Division.
President and COO Pat Webster said: "This puts field leadership in a stronger position to help our operations drive profitability, to spend more time assisting the Company with strategic growth initiatives, and it allows us to respond more quickly to the many growth opportunities we see in the field every day."
Added Scott Greene: "We are making these changes to drive faster growth. By concentrating on a smaller entity, I'll be able to have a bigger impact on our facilities' success. I'll also have more time to spend with customers and on potential acquisitions, and I look forward to the challenges and opportunities these changes present."
The Company also announces the appointment of Michael Mordell to Executive Vice President of Purchasing. Mordell, an industry veteran and 16-year Universal manager and leader, will oversee the newly integrated purchasing company, and replaces David Phelps, who is retiring. Additionally, the Company's legal entity structure is being modified to more closely reflect its management structure.
"We are well positioned for 2010 and beyond," Chief Executive Officer Michael B. Glenn said. "We're structured for growth, we have the right leaders in the right positions, we have opportunity at our doorstep, and we have hard-working, dedicated employees ready for a new path of growth. These are exciting times for Universal Forest Products."
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. 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