GRAND RAPIDS, Michigan, Feb. 18 2019 (GLOBE NEWSWIRE) – Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that one of its affiliates has signed an agreement to purchase the operating assets of Wolverine Wood Products, Inc. .
Founded in 2008 in Grand Rapids, Michigan, by Mike and Bernadette Petersen, Wolverine Wood Products manufactures wood panel components for furniture, store fixtures and furnishings, with expected annual sales of $ 5 million. The acquisition will increase Universal’s ability to produce value-added wood components for customers in the Midwest. Mike Petersen, owner and president of Wolverine Wood Products, will remain with the company as managing director.
âWolverine Wood Products has grown rapidly using automation and robotics to provide its customers with value-added services and prices that other companies cannot provide,â said CEO Matt Missad. âWe are fortunate that Mike Petersen and his team join the Universal family of companies. Mike has 32 years of experience in integrating sales and automation, and he’s brought it to a successful and rapidly growing company.
âUniversal Forest Products is a world class company with great people and a great reputation in the market,â said Mike. âThis will allow Wolverine to continue to expand its presence in the market as well as create synergy with other subsidiaries of Universal. We are very excited to join the Universal family of companies and continue to leverage experience and technology to solve manufacturing challenges. “
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc. is a holding company with subsidiaries supplying lumber, composite lumber and other products to three robust markets: retail, construction and industrial. Founded in 1955, the company is headquartered in Grand Rapids, Michigan, with subsidiaries across North America, Europe, Asia and Australia. To learn more about Universal Forest Products, visit www.ufpi.com.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, which are based on beliefs, assumptions, current expectations, estimates and projections regarding the markets we serve, the economy and the Company itself. . Words like “anticipates”, “believes”, “confident”, “believes”, “expects”, “foresees”, “likely”, “plans”, “plans”, “should”, variations of these Similar words and phrases identify these forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to the time, extent, likelihood and degree of occurrence. The Company does not undertake to update any forward-looking statements to reflect facts, circumstances, events or assumptions that occur after the date on which the forward-looking statements are made. Actual results could differ materially from those included in these forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Among the factors that could cause actual results to differ materially from forward-looking statements are: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, including environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors along with other risk factors and additional information are included in the Company’s reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission.
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