UFPI signs LOI to acquire certain assets of treated wood company Robbins Manufacturing
June 14 2016 - 8:50AM
Universal Forest Products, Inc. (NASDAQ:UFPI) today announced that
one of its subsidiaries has signed a letter of intent to purchase
certain assets of Robbins Manufacturing Co., a Tampa, Fla.-based
manufacturer of treated wood products with facilities in Florida,
Georgia and North Carolina.
Founded in 1938, Robbins is a leading supplier of
preservative-treated wood products. The company has two divisions,
including Robbins Treating and Manufacturing, which operates six
wood treating facilities in Florida, Georgia and North Carolina,
including an operation in Tarrytown, Fla., which Robbins will
continue to operate. The remaining five operations are included in
the acquisition and had 2015 net sales of $83 million. The
acquisition is expected to close by the end of August
2016.
“For years, we have respected Robbins as a formidable competitor
known for high-quality products and service, and for its integrity
and culture of hard work and determination,” said Universal Forest
Products Inc. CEO Matthew J. Missad. “They’re a great fit for us
strategically and culturally. Bringing them into the Universal
family of companies allows us to be an even stronger powerhouse in
the preservative-treated market in the Southeast, and solidifies
our position as the leading manufacturer of premier treated
products in the United States.”
“After 75 years of ongoing success, we wanted to be assured that
our company would be in the hands of the best, and that our people
would have great futures ahead of them,” said Robbins Board
Chairman Laurence W. Hall, Jr. “With this acquisition, we know our
customers will be well-served by the leader in quality treated wood
products, that our people will have opportunities that come with
working for an industry leader, and that our path of growth will
continue. We now can focus on our other division’s niche business
of manufacturing and selling wood treated especially for pilings,
poles, posts, and lumber for agricultural, marine, permanent wood
foundation, and other applications.”
UNIVERSAL FOREST PRODUCTS, INC. Universal
Forest Products, Inc. is a holding company that provides capital,
management and administrative resources to subsidiaries that supply
wood, wood composite and other products to three robust markets:
retail, construction and industrial. Founded in 1955, the
Company is headquartered in Grand Rapids, Mich., with affiliates
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 economic 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.
AT THE COMPANY
Lynn Afendoulis
Director, Corporate Communications
(616) 365-1502
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