{"id":475006,"date":"2021-04-12T16:35:45","date_gmt":"2021-04-12T20:35:45","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\/"},"modified":"2021-04-12T16:35:45","modified_gmt":"2021-04-12T20:35:45","slug":"subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\/","title":{"rendered":"Subsidiary of UFP Industries closes on purchase of Spartanburg Forest Products and its affiliates"},"content":{"rendered":"<div class=\"mw_release\">\n<p>GRAND RAPIDS, Mich., April  12, 2021  (GLOBE NEWSWIRE) &#8212; UFP Industries, Inc. (Nasdaq: UFPI) today announced that its wholly owned subsidiary Sunbelt Forest Products Corporation closed on its agreement to purchase the net operating assets of Spartanburg Forest Products, Inc. and its affiliates. The purchase price for Spartanburg\u2019s property, plants and equipment is approximately $16.5 million. Sunbelt also purchased Spartanburg\u2019s net working capital for an amount equal to the net book value determined on the date of closing, which totaled approximately $146.5 million.<\/p>\n<p>\u201cThis acquisition will allow Sunbelt to grow by offering more products to Spartanburg\u2019s customers while expanding our capacity and geographic reach to serve our existing customers,\u201d said Ken DelleDonne, president of Sunbelt Forest Products. \u201cIn addition, we expect to drive efficiencies in our supply chain and administrative services as we combine our operations. We\u2019re excited to welcome the Spartanburg team to Sunbelt and look forward to building an even stronger future together.\u201d<\/p>\n<p>\n        <strong>Sunbelt Forest Products Corporation<\/strong>\n      <\/p>\n<p>Based in Bartow, Florida, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=tPRiykYei0NZpUzi7ce9AhUp6fQ_0Wa_WjO73wobXRdoqveOwTmB_eX6Nw0_oXNWmuOA3luC9n2hbRS67gGvwlaCMwnsPRdGxsJmdbBAZM6ihdNFmR7vNWzeyTx7fPmd\" rel=\"nofollow noopener\" target=\"_blank\">Sunbelt Forest Products Corporation<\/a> is a leading producer of\u00a0pressure-treated lumber\u00a0and\u00a0residential fencing\u00a0in the Southeast, with 300 employees.\u00a0The company is an affiliate of UFP Retail Solutions, which is a subsidiary of UFP Industries.<\/p>\n<p>\n        <strong>Spartanburg Forest Products<\/strong>\n      <\/p>\n<p>Headquartered in Greer, South Carolina, Spartanburg Forest Products and its affiliates are a premier wood treating operation in the U.S., with approximately 150 employees and operations in five states. Its affiliates include Appalachian Forest Products, Innovative Design Industries, Blue Ridge Wood Preserving, Blue Ridge Wood Products, and Tidewater Wood Products.<\/p>\n<p>\n        <strong>UFP Industries, Inc.<\/strong>\n      <\/p>\n<p>UFP Industries is a holding company whose operating subsidiaries \u2013 UFP Industrial, UFP Construction and UFP Retail Solutions \u2013 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 is headquartered in Grand Rapids, Michigan, with affiliates in North America, Europe, Asia and Australia. For more about UFP Industries, go to <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0RBUNqUMqcfH8re_dmdAHhxBw0PKdWBoF_eGaAyCV_z3MqVUpOdQ2iORfXjqV2vwIcClu4VQi14W4AEakZNUNg==\" rel=\"nofollow noopener\" target=\"_blank\">www.ufpi.com<\/a>.<\/p>\n<p>\n        <em>This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management\u2019s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like \u201canticipates,\u201d \u201cbelieves,\u201d \u201cconfident,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cforecasts,\u201d \u201clikely,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cshould,\u201d variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company&#8217;s reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.<\/em>\n      <\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;AT THE COMPANY&#8212;&#8212;&#8212;&#8212;&#8212;<\/p>\n<p>Dick\u00a0Gauthier<br \/>VP, Business Outreach<br \/>(616) 365-1555<\/p>\n<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxNTU0OSM0MTE3MjE4IzIwMDY5MjM=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/fcb5b884-cb5c-4658-8abf-9d963775a131\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>GRAND RAPIDS, Mich., April 12, 2021 (GLOBE NEWSWIRE) &#8212; UFP Industries, Inc. (Nasdaq: UFPI) today announced that its wholly owned subsidiary Sunbelt Forest Products Corporation closed on its agreement to purchase the net operating assets of Spartanburg Forest Products, Inc. and its affiliates. The purchase price for Spartanburg\u2019s property, plants and equipment is approximately $16.5 million. Sunbelt also purchased Spartanburg\u2019s net working capital for an amount equal to the net book value determined on the date of closing, which totaled approximately $146.5 million. \u201cThis acquisition will allow Sunbelt to grow by offering more products to Spartanburg\u2019s customers while expanding our capacity and geographic reach to serve our existing customers,\u201d said Ken DelleDonne, president of Sunbelt Forest Products. \u201cIn addition, we &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Subsidiary of UFP Industries closes on purchase of Spartanburg Forest Products and its affiliates&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-475006","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Subsidiary of UFP Industries closes on purchase of Spartanburg Forest Products and its affiliates - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Subsidiary of UFP Industries closes on purchase of Spartanburg Forest Products and its affiliates - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"GRAND RAPIDS, Mich., April 12, 2021 (GLOBE NEWSWIRE) &#8212; UFP Industries, Inc. (Nasdaq: UFPI) today announced that its wholly owned subsidiary Sunbelt Forest Products Corporation closed on its agreement to purchase the net operating assets of Spartanburg Forest Products, Inc. and its affiliates. The purchase price for Spartanburg\u2019s property, plants and equipment is approximately $16.5 million. Sunbelt also purchased Spartanburg\u2019s net working capital for an amount equal to the net book value determined on the date of closing, which totaled approximately $146.5 million. \u201cThis acquisition will allow Sunbelt to grow by offering more products to Spartanburg\u2019s customers while expanding our capacity and geographic reach to serve our existing customers,\u201d said Ken DelleDonne, president of Sunbelt Forest Products. \u201cIn addition, we &hellip; Continue reading &quot;Subsidiary of UFP Industries closes on purchase of Spartanburg Forest Products and its affiliates&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-12T20:35:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxNTU0OSM0MTE3MjE4IzIwMDY5MjM=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Subsidiary of UFP Industries closes on purchase of Spartanburg Forest Products and its affiliates\",\"datePublished\":\"2021-04-12T20:35:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\\\/\"},\"wordCount\":573,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODIxNTU0OSM0MTE3MjE4IzIwMDY5MjM=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/subsidiary-of-ufp-industries-closes-on-purchase-of-spartanburg-forest-products-and-its-affiliates\\\/\",\"name\":\"Subsidiary of UFP Industries closes on purchase of Spartanburg Forest Products and its affiliates - 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(Nasdaq: UFPI) today announced that its wholly owned subsidiary Sunbelt Forest Products Corporation closed on its agreement to purchase the net operating assets of Spartanburg Forest Products, Inc. and its affiliates. The purchase price for Spartanburg\u2019s property, plants and equipment is approximately $16.5 million. 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