GRAND RAPIDS — A subsidiary of Universal Forest Products Inc. plans to acquire the assets of a Georgia producer of packaging products.
The Grand Rapids-based Universal (Nasdaq: UFPI) today announced it has a deal to buy “substantially all” of Marietta, Ga.-based North American Container Corp.’s operating assets.
The deal should close by June 1. Terms of the deal were undisclosed.
The acquisition will add steel, corrugated and hardwood packaging to the Universal’s lineup of industrial products.
“This exciting opportunity will blend the best products of our two proven companies to create an industry-leading offering of structural packaging products,” said Universal Forest Products CEO Matthew Missad said in a statement. “NACC’s proprietary agriculture boxes and crates, for example, will be of great interest to our existing customers, and our production methods will help us enhance manufacturing operations and output.”
North American Container, founded in 1967, operates nine manufacturing facilities in Georgia, South Carolina, Tennessee and Wisconsin and recorded 2017 sales of about $71 million.
Universal Forest Products in February reported that it generated $3.9 billion in net sales with net earnings of $119.5 million for 2017. The company reported sales of $996 million in the fourth quarter, with $33.1 million in net income.
Editor’s note: A previous version of this story mistakenly cited UFPI’s fourth quarter results as the company’s 2017 annual results. We regret the error.