Universal Forest Products Down 10% As Company

Universal Forest Products Inc.

shares are plunging today, down more than 10% after the company said that weaker than expected sales are forcing it to lay off workers and take other cost cutting moves. The wood-products holding company said the measures would save $10 million per year. "Retail sales during what is historically our busiest selling season didn't materialize as expected this year, and in order to preserve our opportunity for profitability and to ensure we're properly sized for our business opportunities moving forward, we have undertaken additional cost-cutting measures," Chief Executive Michael B. Glenn said in a statement from the company. At last check, shares of UFPI were off $2.71 to $23.65, a loss of 10.3%.