UFPI Affiliate Purchases Certain Assets of North Carolina-Based High Level Components
Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that one of its subsidiaries has purchased certain assets of High Level Components, LLC, a building component manufacturer based in Locust, N.C. The transaction closed on March 31, 2014.
High Level will join Universal's UFP Mid-Atlantic subsidiary, a component manufacturer with locations in South Carolina, Virginia, Georgia and North Carolina. The acquisition will expand Universal's capacity in the region and allow the company to serve customers in the Charlotte, N.C., market, where it currently doesn't have a significant presence.
“As we have assessed opportunities for growth and a stable business climate, the greater Charlotte market has been an attractive target, and the capabilities, assets and opportunities presented by High Level Components provide a strong fit for our needs and objectives,” said Universal Forest Products CEO Matthew J. Missad.
“The great people of High Level will be a welcome addition to our team,” Missad added. “We look forward to enhancing their position as a manufacturer of choice in their market, and to serving existing and future customers with the quality and reliability they've grown to expect from us.”
High Level Components Plant Manager Corey Misenheimer will lead the new company as General Manager of Operations.
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc. is a holding company that provides capital, management and administrative resources to subsidiaries that 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. For more about Universal Forest Products, go to www.ufpi.com.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management's beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.
Universal Forest Products, Inc. Lynn Afendoulis, Director, Corporate Communications (616) 365-1502
Source: Universal Forest Products
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