WINDSOR, CALIF. -- Standard Structures Inc., a leading manufacturer of glulam beams, I-joists and open-web trusses for commercial and multifamily roof and floor systems, today announced it plans to sell certain assets and restructure its remaining business around its core glulam product line.
According to CEO Richard Caletti, SSI has executed a letter of intent with a qualified, third-party engineered wood products company to sell certain assets, such as equipment, raw materials inventory and intellectual property. He anticipates the transaction will close by month's end.
"I've been forced due to extraordinary financial stress associated with the worst recession since the Great Depression to cease Standard Structures' operations in the engineered wood products business," Caletti says. "However, it's our intention to continue manufacturing glulam -- the product line on which my father founded the company more than six decades ago -- without interruption."
SSI will temporarily close its Windsor, Calif., facility today and eliminate approximately 42 jobs. A number of employees are expected to be hired by the buyer of the assets. SSI will retain its remaining employees while it completes the asset sale and finalizes options for remaining in the glulam business.
Founded in 1947, Standard Structures Inc. pioneered the glulam beam industry. It designs and manufactures engineered wood products for commercial and multifamily construction. The leading fabricator of heavy timber beams in the western United States, SSI currently fabricates 14 million board feet of glulams per year, as well as 10 million lineal feet of I-joists and open-web trusses. Visit www.standardstructures.com for more information.
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