GRAND RAPIDS, Mich., June 14, 2016 (GLOBE NEWSWIRE) -- Universal Forest Products, Inc. (NASDAQ:UFPI) today announced that one of its subsidiaries has signed a letter of intent to purchase certain assets of Robbins Manufacturing Co., a Tampa, Fla.-based manufacturer of treated wood products with facilities in Florida, Georgia and North Carolina.
Founded in 1938, Robbins is a leading supplier of preservative-treated wood products. The company has two divisions, including Robbins Treating and Manufacturing, which operates six wood treating facilities in Florida, Georgia and North Carolina, including an operation in Tarrytown, Fla., which Robbins will continue to operate. The remaining five operations are included in the acquisition and had 2015 net sales of $83 million. The acquisition is expected to close by the end of August 2016.
“For years, we have respected Robbins as a formidable competitor known for high-quality products and service, and for its integrity and culture of hard work and determination,” said Universal Forest Products Inc. CEO Matthew J. Missad. “They’re a great fit for us strategically and culturally. Bringing them into the Universal family of companies allows us to be an even stronger powerhouse in the preservative-treated market in the Southeast, and solidifies our position as the leading manufacturer of premier treated products in the United States.”
“After 75 years of ongoing success, we wanted to be assured that our company would be in the hands of the best, and that our people would have great futures ahead of them,” said Robbins Board Chairman Laurence W. Hall, Jr. “With this acquisition, we know our customers will be well-served by the leader in quality treated wood products, that our people will have opportunities that come with working for an industry leader, and that our path of growth will continue. We now can focus on our other division’s niche business of manufacturing and selling wood treated especially for pilings, poles, posts, and lumber for agricultural, marine, permanent wood foundation, and other applications.”
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc. is a holding company that provides capital, management and administrative resources to subsidiaries that 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. 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.
AT THE COMPANY Lynn Afendoulis Director, Corporate Communications (616) 365-1502
Source:Universal Forest Products, Inc.