GRAND RAPIDS, Mich.--(BUSINESS WIRE)--Please replace the release with the following version to correct the spelling of Calvin Dodson in the second paragraph.
The corrected release reads:
UFPI ANNOUNCES INTENT TO PURCHASE CERTAIN ASSETS OF SE PANEL AND LUMBER SUPPLY
—Two key employees to join Universal to grow business—
Universal Forest Products Inc. (NASDAQ: UFPI) today announced that one of its subsidiaries has agreed to purchase certain assets of SE Panel and Lumber Supply, a South Daytona, Fla.-based distributor of Olympic Panel® overlay concrete forming panels and commodity lumber products to the concrete forming and construction industries.
The transaction is expected to close by mid-November. Two key concrete forming specialists from SE Panel, Mark McBride and Calvin Dodson, who are well-regarded in the industry and have years of experience in concrete forming, will join the companies of Universal to guide and grow the efforts in that market and business. SE Panel’s General Manager Barry Hill intends to join Olympic Panel in a market development role.
“This acquisition enhances our position in the marketplace, brings to us the superior products of Olympic Panel® and seasoned salespeople with solid relationships, and helps us expand our footprint in the Southeastern United States,” said UFPI CEO Matthew J. Missad.
“This is a great opportunity for our company and people,” added Kurt Liebich, CEO of Wood Resources, the holding company of SE Panel and Lumber. “Universal’s national presence gives us the opportunity to grow sales of our Olympic Panel® overlaid panels with an industry leader.”
UNIVERSAL FOREST PRODUCTS, INC.
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 DIY/retail home centers and other retailers, structural lumber products for the manufactured housing industry, engineered wood components for residential and commercial construction, specialty wood packaging and components for various industries, and forming products for concrete construction. The Company's consumer products subsidiary offers a large portfolio of outdoor living products, including wood composite decking, decorative balusters, post caps and plastic lattice. Its lawn and garden group offers an array of products, such as trellises and arches, to retailers nationwide. Universal’s subsidiaries also provide framing services for the site-built construction market. Founded in 1955, Universal Forest Products is headquartered in Grand Rapids, Mich., with operations throughout North America. For more about Universal Forest Products, go to www.ufpi.com.
SE PANEL AND LUMBER SUPPLY
SE Panel and Lumber Supply provides sales, marketing and distribution services to industrial markets, specializing in concrete forming and scaffolding. Distributed products include a complete line of concrete forming panels (Olympic Barrier Film™, HDO, MDO) as well as BBOES, shoring materials in solid sawn, and laminated veneer lumber.
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 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.