UFP Industries acquires Shelter Products, Inc., expanding its distribution capabilities within its factory-built business unit to the southern U.S.
28 September 2021 - 6:05AM
UFP Industries (Nasdaq: UFPI) today announced that UFP
Distribution, LLC, a wholly owned subsidiary of UFP Construction,
LLC, acquired the operating assets of Shelter Products, Inc., in
Haleyville, Alabama, for $6.5 million. Shelter Products operates
its distribution and logistics business from an 87,800 sq.-ft.
warehouse that specializes in manufactured housing industry
customers. Shelter Products’ facility is adjacent to a UFP
manufacturing facility that supplies trusses to manufactured
housing builders, and the proximity will enable additional
operational synergies. Shelter Products had sales of $11.4 million
in 2020. Stephen Sampson, president and CEO of Shelter Products,
will continue to serve the company in a consultative role while
assisting with the integration of Shelter Products into UFP
Distribution, which provides distribution and logistics support to
factory-built manufacturers through nine warehouses across the U.S.
“We continue to believe the lack of affordable housing will
create greater demand for factory-built housing, and Shelter
Products will help us meet this demand and offer opportunities to
distribute new products in the southern U.S.,” said Patrick Benton,
president of UFP Construction. “Shelter Products has been a
terrific vendor for us for many years, and their talented team has
an unmatched reputation for customer service. This transaction,
which will be seamless to customers, is another example of how
UFP’s new organizational structure creates more focus on individual
markets and products.”
“We have worked closely with UFP Industries for nearly two
decades and have been impressed by the company’s entrepreneurial
culture and success,” said Sampson. “We are a family company, and
joining UFP ensures my work family that they will not only continue
to enjoy the culture they created but take advantage of more
business and career opportunities in the future. We are excited to
join the UFP family.”
UFP Industries, Inc.
UFP Industries is a holding company whose operating subsidiaries
– UFP Industrial, UFP Construction and UFP Retail Solutions –
manufacture, distribute and sell a wide variety of value-added
products used in residential and commercial construction, packaging
and other industrial applications worldwide. Founded in 1955, the
company is headquartered in Grand Rapids, Michigan, with affiliates
in North America, Europe, Asia and Australia. For more about UFP
Industries, 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---------------
Dick GauthierVP, Corporate Communications and Investor
Relations(616) 365-1555
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