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UFP INDUSTRIES, INC.

(UFPI)
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Universal Forest Products : UFPI acquires Pallet USA

09/16/2019 | 05:07pm EST

UFPI acquires Pallet USA, boosting industrial capacity and services in the Midwest

GRAND RAPIDS, Mich., Monday, September 16, 2019 - Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that one of its affiliates has acquired Hartford, Wisconsin-based Pallet USA, LLC. The acquisition expands Universal's industrial product capacity and services in the Midwest.

Pallet USA operates one facility that manufactures pallets and crates. The company also distributes industrial lumber and sheet stock and provides services such as heat treating, pallet removal and recycling, custom product design, delivery and managed inventory programs. Bruce Church, president and CEO of Pallet USA, will remain with the operation as general manager of operations through 2019, then transition into a consulting role to assist with new sales efforts to national customers.

'We're excited to welcome Pallet USA to the UFP family of companies,' stated Matthew J. Missad, CEO of Universal Forest Products. 'The acquisition allows us to grow our presence in the Milwaukee area and will help us serve manufacturers that have a larger regional, national or international presence. Pallet USA also operates a profitable pallet reclamation business, providing customers with a cost-effective solution for their wood pallet needs, that could be scaled to other UFP facilities. Bruce Church and his team have done an excellent job growing their business, and we're excited to help them achieve their full potential.'

'As a UFP company, we see great opportunities for serving both Pallet USA customers and existing Universal customers,' said Bruce. 'We will be able to enhance our presence in the market while adding more product and service offerings. Universal's size will also allow us to provide our employees with greater career opportunities. This is a great time in the history of our company.'

Disclaimer

Universal Forest Products Inc. published this content on 16 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2019 21:06:03 UTC


© Publicnow 2019
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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 11,1x
Yield 2021 0,72%
Capitalization 5 179 M 5 179 M -
EV / Sales 2021 0,62x
EV / Sales 2022 0,61x
Nbr of Employees 12 000
Free-Float -
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Last Close Price 83,68 $
Average target price 93,83 $
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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
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