Universal Forest Products Purchases Assets of Maine Ornamental
Woodworkers; Products Enhance Universal's Wood and Composite Decking and
Fencing Lines
GRAND RAPIDS, Mich., June 3 /PRNewswire-FirstCall/ -- Universal Forest
Products, Inc. (NASDAQ:UFPI) announced that a wholly-owned subsidiary has
acquired certain assets of Maine Ornamental Woodworkers, Inc., a Maine-based
manufacturer, importer, and distributor of an extensive variety of decorative
caps used on decking and fencing posts. Its 2004 sales were approximately
$12.4 million.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050301/DETU020LOGO ) The purchase will expand Universal's wood and composite decking product lines
with the addition of its copper, brass, and wood post caps. Universal CEO
William G. Currie noted that the acquisition is in line with Universal's
five-year growth plan.
"Our acquisition strategy has been to target successful businesses that can add
to our capacity or enhance our product offerings," Currie said. "Maine
Ornamental has a superior product line that complements Universal's product
offerings, and a business philosophy and work ethic that align with ours. It's
a natural fit." "In addition, Maine Ornamental is the clear leader in its industry and has many
competitive advantages, including its relationships, its high-quality products,
and a strong management team and workforce," Currie added. "We welcome all to
Universal." Founded in 1989, Maine Ornamental Woodworkers is owned by Dana Smith,
president, and Rick Preble, vice president. Upon the acquisition, Preble will
assume presidency of Maine Ornamental and Smith will serve as a consultant to
Universal.
"We've long respected Universal Forest Products for its success, its business
plan, its operations and its people," Preble said. "We're pleased to become a
part of the Universal family and look forward to adding to the prosperity and
future of the company." Maine Ornamental's customer base consists primarily of two-step distributors
and big box home improvement retailers. Universal has done business with the
company in the past and has been impressed with Maine Ornamental's operations
and expertise, said Universal President Mike Glenn. "They're the largest
supplier of post caps in a growing, yet highly fragmented market," Glenn added. "Maine Ornamental represents strong opportunity for Universal and provides a
great addition to our portfolio of products." Maine Ornamental has 40 employees and three locations: a
manufacturing/distribution facility in Winthrop, ME; a manufacturing and office
location in Eliot, ME; and a sales office in Bainbridge Island, WA. All
employees currently are expected to remain with Universal after the
acquisition. The company will continue to operate under the name Maine
Ornamental.
Celebrating 50 years of business, Universal Forest Products is based in Grand
Rapids, MI. The company markets, manufactures and engineers wood and
wood-alternative 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. The company also provides framing services for site-built
construction customers. The company has approximately 9,000 employees and 97
facilities in 85 communities in North America. Universal had 2004 sales of
$2.45 billion. For information about Universal Forest Products on the
Internet, please visit the Company's web site at http://www.ufpi.com/ , or call
888-Buy-UFPI. http://www.newscom.com/cgi-bin/prnh/20050301/DETU020LOGO DATASOURCE: Universal Forest Products, Inc.
CONTACT: Lynn Afendoulis, Director, Public Affairs of Universal Forest Products, Inc., +1-616-364-6161 Web site: http://www.ufpi.com/ Company News On-Call: http://www.prnewswire.com/comp/916064.html
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