GRAND RAPIDS, Mich. - UFP Industries, formerly known as Universal Forest Products, has acquired the equity of Fire Retardant Chemical Technologies, LLC (FRCT).
 
Founded in 2014 and based in Matthews, North Carolina, FRCT’s business includes a research and development laboratory specializing in developing and testing a wide range of high-performance chemicals, including fire retardants and water repellants. The company had approximately $6.4 million in sales in 2019. Dr. Futong Cui, FRCT’s founder, president and chief technology officer, will continue to lead the company.
 
“We have been very impressed by UFP Industries’ commitment to innovating and harnessing technology to improve the quality and performance of their products,” said Dr. Cui. “As part of UFP, FRCT will gain a better understanding of the needs of the market. We’ll also have access to the resources we need to develop new technologies to meet those needs and bring them to market faster. With several new products in development and nearing launch, I am excited for FRCT and the opportunities we will create for our customers.”
 
“Dr. Cui and his team have earned the respect of everyone in the wood products industry for the technologies they have developed,” said Allen Peters, president of UFP Retail Solutions. “These technologies will join our growing portfolio of products and reinforce our commitment to innovation. We expect FRCT’s fire-retardant products to be among the fastest growing in the wood preservation market, as they present a compelling value compared to other fire-resistant materials in the market.”
 
UFP has been on an acquistion spree since 2018. In July, it acquired T&R Lumber Co., a manufacturer and distributor of products used primarily by nurseries, including wooden stakes, tree boxes, shipping racks, and plastic growing containers. 
 
In August 2019, it acquired Northwest Painting, a supplier of pre-painted building materials, including composite lap siding, soffit, panels and trim. In the first four months of 2018, it acquired four companies: Great Northern Lumber, Spinner Wood Products, Deer Park, and Fontana Wood Products. Total annual sales for the acquired companies were around $50 million. In May 2019, UFP acquired Michigan-based Wolverine Wood Products.
 
The $4 billion UFP saw its shares surge 50 percent in the first eight months of 2019. That's compared to the industry's overall growth of 17.1 percent.
 
UFP Industries is a holding company whose subsidiaries 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, Europe, Asia and Australia.
 

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