GRAND RAPIDS, Mich. – After a reorganization of operations, Universal Forest Products (NASDAQ: UFPI) announced it is now operating as UFP Industries. The company says the new name more accurately describes it today.
“We are not just a forest products or wood company anymore,” said CEO Matthew J. Missad. “Over the years, we have evolved from a lumber wholesaler to a mixed materials manufacturer and solutions provider serving thousands of business customers. Our new segments -- UFP Retail, UFP Construction and UFP Industrial -- will be much more focused on their individual markets, and with the leadership teams now in position, we expect more speed to market, better product and customer alignment and more efficient capital utilization."
“It’s a truly exciting time for us, as we unleash the full power of our people to execute on our opportunities and grow our company.”
UFP Industries has approximately 170 locations and 14,000 employees around the world. Prior to the reorganization, UFP affiliates were organized by region; now they are organized by market.
The company will seek shareholder approval for the change to its corporate name at its next annual meeting of shareholders in April 2020 and will continue to trade on the NASDAQ exchange under the UFPI ticker symbol.
In conjunction with the reorganization and name change, the company has updated its website, ufpi.com, with business segment information and introduced new branding that includes a modernized version of its tree logo.
“Our tree logo is deeply rooted in our 65-year history and is well known in our industry as a symbol of excellence,” said Missad. “Our updated logo captures our heritage of performance while pointing to further growth to come.”
UFP has been on an acquistion spree since 2018. 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. In August, it acquired Northwest Painting.
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.
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