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UFP INDUSTRIES, INC.

(UFPI)
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UFP Industries : acquires Shelter Products, Inc

09/30/2021 | 12:52pm EST

GRAND RAPIDS, Mich., Monday, September 27, 2021 - 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."

Disclaimer

UFP Industries Inc. published this content on 30 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2021 16:51:02 UTC.


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Financials (USD)
Sales 2021 8 337 M - -
Net income 2021 470 M - -
Net cash 2021 49,9 M - -
P/E ratio 2021 12,1x
Yield 2021 0,65%
Capitalization 5 691 M 5 691 M -
EV / Sales 2021 0,68x
EV / Sales 2022 0,68x
Nbr of Employees 12 000
Free-Float 97,5%
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Number of Analysts 6
Last Close Price 91,95 $
Average target price 93,83 $
Spread / Average Target 2,05%
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Managers and Directors
Matthew Jon Missad Chief Executive Officer & Director
Patrick M. Webster President & Chief Operating Officer
Michael R. Cole Treasurer, Chief Financial & Accounting Officer
William G. Currie Chairman
David A. Tutas Secretary, Chief Compliance Officer & VP-Legal