UFPI set to acquire Idaho distributor serving manufactured housing/RV/retail industries
June 21 2016 - 8:37AM
Universal Forest Products, Inc. (NASDAQ:UFPI) today announced that
one of its subsidiaries has an agreement to acquire Idaho Western,
Inc., a Nampa, Idaho-based distributor of products for building
materials retailers and the manufactured housing and recreational
vehicle industries.
Founded in 1978, Idaho Western supplies customers in the
Northwest with products ranging from lumber and plywood to siding
and doors. Its annual net sales are approximately $21 million.
Universal’s Caldwell, Idaho operation, which supplies lumber
products to the manufactured housing and recreational vehicle
industries, will be consolidated into Idaho Western. The purchase
of the outstanding shares of Idaho Western’s stock, totaling $11.5
million, is expected to close on July 1, 2016.
“This strategic acquisition will allow us to bolster our
foothold in the manufactured housing and retail markets by
expanding our product offering and our geographic reach,” said
Universal Forest Products CEO Matthew J. Missad. “For decades,
Idaho Western has proven its ability to create success and to grow,
and we’re excited to have them do that as part of the Universal
family of companies. They’re a great addition, and will be an
excellent complement to our offerings, capabilities and culture. We
look forward to growing our business in the Northwest with
them.”
“Becoming part of Universal signals an exciting new chapter for
our company—one that will be about growth and opportunity for our
company, people, customers and vendors,” said Richard Chaffin,
president of Idaho Western. “We will be able to meet more needs and
grow our relationships and our reach with the power of Universal at
our back. We’re pleased to become part of Universal and its
future.”
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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