SPRINGFIELD, OR – Timber Products Company announced it has reached an agreement to acquire the assets of the Panel Products Division from The Penrod Company. Mike Clausen, Timber Products' new Vice President of Sales, Hardwood Plywood and International Division, will merge the Penrod Division into the Timber Products International Division. Joe Gonyea III, Chief Operating Officer at Timber Products, said, "We are excited to expand our International Division with the Penrod acquisition which includes their sales team. We are enthusiastic about what this means to our customers and the tremendous growth potential this acquisition will bring to Timber Products. We look forward to providing Mike and his team with the resources necessary to realize Timber Products International's full potential." Carl Gade, President of The Penrod Company, said, "The sale to Timber Products of the assets of the Panel Division allows Penrod to refocus our energies in serving the clients of our Hardware Division, Engineered Wood Products Division and the international marketplace via our Export Division. We are delighted that our Panel Products Division will remain intact as a result of this transaction and I wish all the best for our former employees and to Timber Products."

About Timber Products Company

Founded in 1918, Timber Products Company offers a wide range of diversified wood products and specializes in hardwood plywood. The company is one of the largest material suppliers to the U.S. kitchen cabinet industry. Timber Products owns eight state-of-the-art manufacturing facilities across the United States, a major international division, and 112,000 acres of forestland in Northern California managed under the strict standards of the Sustainable Forestry Initiative (SFI®) program. Timber Products was the world's first hardwood plywood manufacturer authorized to carry the SFI label and began offering products certified by the Forest Stewardship Council in 2007. The company also operates TP Trucking, a nationwide transportation division.

About The Penrod Company

Headquartered in Virginia Beach, Virginia, The Penrod Company is a middle market international distribution company specializing in forestry, metal and PVC products. An industry leader for more than a century, the Company continue to grow and develop its product lines and business practices – ensuring its long-term vitality through a consistent commitment to quality and service on each of the 5 continents.

SOURCE: Timber Products Co.

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