UFPI acquires Northwest Painting, Inc. to supply siding and trim to Western states
August 14 2019 - 7:30AM
Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that
one of its affiliates has acquired the operating assets of
Northwest Painting, Inc. and its affiliates, doing business as
Northwest Factory Finishes in Bonner, Montana, and as Pacific
Northwest Factory Finishes in White City, Oregon. The move will
expand Universal’s capacity to produce value-added siding and trim
for customers in its Northwest and Mountain West regions.
Founded in 1992 in Missoula, Montana, by Britt Fred, Northwest
Painting is a leading supplier of pre-painted building materials,
including composite lap siding, soffit, panels and trim, to the
Western U.S. The company has manufacturing facilities in Bonner and
White City, and anticipated annual sales of about $14 million.
Fred, owner and president of Northwest, will remain with the
company as president of Northwest.
“The addition of Northwest further expands our value-added
product offerings and allows us to leverage their expertise to
other Universal facilities that are involved in pre-finishing,”
said CEO Matthew J. Missad. “We’re fortunate to have Britt and his
team join the Universal family of companies. They have built
Northwest into a fast-growing company and a respected leader in its
markets.”
“We are excited about the many opportunities Universal Forest
Products offers Northwest,” said Fred. “Universal’s size, strength
and expertise will allow us to reach new markets, grow our business
and provide employees with greater career opportunities. It is
truly an extraordinary time to be at Northwest and part of the
Universal family.”
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc. is a holding company whose
subsidiaries 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.
Brandon FroyslandDirector of Finance(616) 365-1589
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