Grand Rapids, Michigan, USA 04 February 2015 -- Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that one of its subsidiaries recently closed on the acquisition of certain assets of Caldwell, Idaho-based Rapid Wood Mfg., LLC, a supplier of lumber products to the region's manufactured housing and recreational vehicle industries. With this purchase, the companies of Universal establish a foothold in the healthy Idaho market, opening doors to opportunity for expansion and growth in new territory, and allowing the Company to better serve existing customers in the region. Universal's affiliates currently serve the market on a limited basis from their Oregon manufacturing facilities.
Rapid Wood Manufacturing supplies lumber products to manufactured housing and RV customers. Its expected 2015 sales are approximately $4 million. The principal of Rapid Wood, Bob Brizendine, will stay on in a management role.
"This is a good opportunity to establish a manufacturing and sales presence in Idaho, bringing us closer to some of our valued customers and expanding the strong capabilities of our organization in a growing market," said Universal CEO Matthew J. Missad.
"Rapid Wood is a strong company that has served its customers well," he added. "We look forward to growing their customer base and our offerings in the region, to enhancing our service to existing UFP customers, and to working with the people of Rapid Wood, who have grown a company we are proud to welcome to the Universal family."
Brizendine said, "We are excited to be joining the companies of Universal Forest Products and becoming a part of a firm that's respected in its industries. It's an honor and a great opportunity for our company and our people, and it marks an exciting new chapter for Rapid Wood."
UNIVERSAL FOREST PRODUCTS, INC. (NASDAQ: UFPI)
Universal Forest Products, Inc. is a holding company that provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for building materials retailers and wholesalers, structural lumber and other products for the manufactured housing and residential construction markets, and specialty wood packaging and components and packing materials for various industries. It has subsidiaries that provide framing services for the residential construction market in some parts of the country; that manufacture and market products used for concrete construction; and that offer lawn and garden products, such as trellises and arches, to retailers nationwide. Its consumer products operations offer a large portfolio of outdoor living products, including wood composite decking, decorative balusters, post caps and plastic lattice. Founded in 1955, Universal Forest Products is headquartered in Grand Rapids, Mich. Its subsidiaries operate facilities throughout North America. For more about Universal, go to www.ufpi.com.
Please be aware that: Any statements included in this press release that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on the beliefs of the Company's management as well as on assumptions made by, and information currently available to, the Company at the time such statements were made. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events 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: adverse lumber market trends, competitive activity, negative economic trends, government regulations and weather. Certain of these 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.