UFPI to Purchase Assets of National Fiber
Grand Rapids, Michigan, USA 15 January 2014 -- (BUSINESS WIRE) -- Universal Forest Products Inc. (UFPI) today announced that one of its subsidiaries has agreed to purchase the assets of National Fiber, a leading manufacturer of cellulose insulation located in Belchertown, Mass., that serves major markets in the northeastern United States. The transaction is expected to close by January 31, 2014.
“This is a strong complement to our housing and construction business, which continues to improve in the Northeast,” said Universal Forest Products, Inc. CEO Matthew J. Missad. “National Fiber has built a solid business and an excellent reputation as a leader in the cellulose insulation industry, using predominantly recycled materials. We’re delighted to add the company and its people to the Universal family of companies and look forward to growing success together for many years to come.”
Through its network of distributors, National Fiber supplies its Cel-Pak and Nu-Wool® cellulose insulation to professional cellulose installers throughout New England, New York (from Rochester to Long Island), Pennsylvania, Maryland and Delaware. It also sells special machines necessary to install the products, and offers training and technical support to installers. It was founded in 1978 and has offices and manufacturing and training facilities in Belchertown, Mass. Sales for 2014 are forecast at $12.5 million.
“At National Fiber, we pride ourselves on being at the forefront of our industry, and we’re pleased to be joining a company with a strong reputation for exceptional products and service to its customers,” said President Chris Hoch. “This is a great opportunity for our company and people and for homeowners and builders interested in an exceptionally effective, environmentally friendly product for their homes.”
Located in Belchertown, Mass., National Fiber is a leading manufacturer of cellulose insulation, serving the northeastern United States with Cel-Pak and Nu-Wool insulation. It also trains professional installers, and sells and services the equipment used for installation. Made from recycled newsprint and with a recycled content greater than 83 percent, excellent R-value and low embodied energy content, its cellulose insulation represents an economical, high-performance product that enhances consumer safety with its Class-A fire rating and fire-blocking capabilities. For more, go to www.nationalfiber.com.
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.
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.