UFPI acquires second Australian packaging company
December 05 2016 - 8:00AM
Universal Forest Products, Inc. (NASDAQ:UFPI) today announced that
one of its subsidiaries has acquired all outstanding shares of The
UBEECO Group Pty. Ltd., a manufacturer of wood packaging based in
Erskine Park, Australia, a suburb of Sydney.
Founded in 1970, UBEECO™ manufactures and distributes a variety
of wood packaging and alternative material products, including
boxes, crates, pallets, skids, protection packaging, packaging
accessories and loose lumber. It also offers on-site packing
services for many customers. The company’s FY 2016 sales were
approximately $21.2 million (USD). UBEECO becomes the second
packaging-related Australian acquisition by a Universal affiliate.
In 2015, a Universal subsidiary purchased a majority interest in
Integra Packaging Proprietary, Ltd., a manufacturer and distributor
of integrated packaging products based in Brisbane, Australia.
“UBEECO is a leader in the industrial packaging marketplace in
Australia, and we are thrilled that the company and its talented
people are joining the family of Universal,” said UFPI CEO Matt
Missad. “They have an excellent reputation for quality products and
customer service, they’re growing, and they have ambitious
goals—and we value all of that. In addition, their leadership team
is strong and has created not just a healthy business but also a
good, strong corporate culture that fits well with ours.”
“With this acquisition, we strengthen our foothold in the
Australian packaging market, and create opportunities for synergies
between our two Australian manufacturers, UBEECO and Integra
Packaging,” Missad added.
“We are pleased to be joining the Universal family of companies
because we know they share our dedication to customers, to
excellence, to growth, to profits and to the welfare of our
employees,” said Chevalier Joseph Borg, cofounder and managing
director of UBEECO, who will remain on the team as part of the
acquisition. “We will be able to leverage Universal’s resources and
expertise to take UBEECO to new levels of success.”
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, Europe, Asia and Australia. 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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