GRAND RAPIDS, Mich. - Universal Forest Products, Inc. (Nasdaq: UFPI) today announced that one of its subsidiaries is expanding the Company’s industrial business in the Northwest United States with the acquisition of the operating assets of Nepa Pallet and Container Co., Inc., a manufacturer of pallets, containers and bins for agricultural and industrial customers.
The purchase of Nepa by UFP Washington, LLC, advances a number of Universal’s strategic objectives: to enter that geographic market without adding capacity to the marketplace, to continually expand its industrial business, and to grow by acquiring successful companies.
Nepa has facilities in Snohomish, Yakima and Wenatchee, Wash., and had trailing twelve month sales through September 2012 of $25 million. Closing is expected to take place in early November 2012.
“In its 75 years, Nepa has built a strong reputation as a solid manufacturer with great customer service. Its employees are loyal and dedicated, which is consistent with our culture,” said Matthew J. Missad, chief executive officer of Universal Forest Products, Inc. “We look forward to adding Nepa and its people to the Universal family of companies, and growing with them in a territory that’s important to Universal’s future and success.”
“We’re pleased to join the Universal family and to give our employees the opportunity to grow with an industry powerhouse,” said Patrick Sherry, co-owner and president of Nepa, who will remain as general manager of operations. “This is an exciting new chapter for us, and we know it is the beginning of new success and great opportunity.”
Source: Universal Forest Products Inc.
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