UFP Industries : Subsidiary of UFP Industries closes on purchase of Spartanburg Forest Products and its affiliates

Subsidiary of UFP Industries closes on purchase of
Spartanburg Forest Products and its affiliates

GRAND RAPIDS, Mich., Monday, April 12, 2021 - UFP Industries, Inc. (Nasdaq: UFPI) today announced that its wholly owned subsidiary Sunbelt Forest Products Corporation closed on its agreement to purchase the net operating assets of Spartanburg Forest Products, Inc. and its affiliates. The purchase price for Spartanburg's property, plants and equipment is approximately $16.5 million. Sunbelt also purchased Spartanburg's net working capital for an amount equal to the net book value determined on the date of closing, which totaled approximately $146.5 million.

'This acquisition will allow Sunbelt to grow by offering more products to Spartanburg's customers while expanding our capacity and geographic reach to serve our existing customers,' said Ken DelleDonne, president of Sunbelt Forest Products. 'In addition, we expect to drive efficiencies in our supply chain and administrative services as we combine our operations. We're excited to welcome the Spartanburg team to Sunbelt and look forward to building an even stronger future together.'

Sunbelt Forest Products Corporation

Based in Bartow, Florida,Sunbelt Forest Products Corporationis a leading producer of pressure-treated lumber and residential fencing in the Southeast, with 300 employees. The company is an affiliate of UFP Retail Solutions, which is a subsidiary of UFP Industries.

Spartanburg Forest Products

Headquartered in Greer, South Carolina, Spartanburg Forest Products and its affiliates are a premier wood treating operation in the U.S., with approximately 150 employees and operations in five states. Its affiliates include Appalachian Forest Products, Innovative Design Industries, Blue Ridge Wood Preserving, Blue Ridge Wood Products, and Tidewater Wood Products.