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Universal Forest Pays $6.5M for Factory-built Housing Supplier

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October 20, 2021 | Bill Esler

Haleyville, AL—UFP Industries’ (Nasdaq: UFPI) Construction unit paid $6.5 million for the operating assets of Shelter Products, Inc., a framing lumber and plywood supplier to multi-unit construction firms.

Adjacent to UFP’s Haleyville, AL plant, that supplies trusses to factory-built housing firms, Shelter Products operates its distribution and logistics business from an 87,800-sq.-ft. warehouse that also specializes in supplying framing lumber and plywood to manufactured housing industry customers.

“We continue to believe the lack of affordable housing will create greater demand for factory-built housing, and Shelter Products will help us meet this demand and offer opportunities to distribute new products in the southern U.S.,” says Patrick Benton, president of UFP Construction.

UFP Industries, based in Grand Rapids, MI and formerly known as Universal Forest Products, has been growing rapidly by acquisitions in wood manufacturing. In December 2020 UFP acquired Pallet One, a skid and pallet maker whose business is driven by warehouses for online sales. In April 2021, UFP’s Handprint unit acquired Walnut Hollow Farm, Inc. With revenues of $11 million, the Dodgeville, WI firm manufactures finely finished wood surfaces used in hobby, craft and woodworking projects. In 2016, UFP acquired idX, the largest U.S. manufacturer of store fixtures, retail interiors, and trade show displays.

Shelter Products had sales of $11.4 million in 2020. Stephen Sampson, president and CEO of Shelter Products, will continue to serve the company in a consulting role while assisting with the integration of Shelter Products into UFP Distribution, which provides distribution and logistics support to factory-built manufacturers through nine warehouses across the U.S.

UFP Industries is a holding company whose operating subsidiaries—UFP Industrial, UFP Construction and UFP Retail Solutions—manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging, and other industrial applications worldwide. Founded in 1955, the company has affiliates in North America, Europe, Asia, and Australia. In its most recent quarter, UFP Industries reported record net sales of $2.7 billion for its second quarter of 2021, a 117 percent increase over the year-ago period.

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