Published in Breaking News

Universal Forest Products signs deal to acquire Tampa lumber business

BY MiBiz Staff Tuesday, June 14, 2016 09:08am

GRAND RAPIDS — Universal Forest Products Inc. said today that it has agreed to acquire some assets of a Tampa, Fla.-based treated lumber manufacturer.

The Grand Rapids-based Universal Forest Products (Nasdaq: UFPI) signed a letter of intent to buy certain assets of Robbins Manufacturing Co., which maintains six facilities in Florida, Georgia and North Carolina, according to a statement.

UFPI will acquire five of the operations, while Robbins, which has been in business for 75 years, will continue to operate a plant in Tarrytown, Fla.

The five-plant portfolio included in the deal had net sales of $83 million last year, according to UFPI. The company expects the deal to close by the end of August.

Terms of the acquisition were not disclosed.

UFPI CEO Matthew Missad called Robbins a “formidable competitor” that will fit “strategically and culturally” under the Universal Forest Products banner. The deal allows the Grand Rapids company to bolster its preservative-treated lumber business in the Southeastern U.S., he added.

Robbins, on the other hand, will focus on a niche operation in Tarrytown that makes and sells treated wood for various applications, including pilings, poles, posts as well as lumber for agricultural, marine and permanent wood foundations, according to a statement.

Read 3226 times Last modified on Friday, 17 June 2016 11:02
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