UNIVSL FOREST : UFPI Announces Changes to Drive Growth
09/13/2011| 07:35am US/Eastern
Universal Forest Products, Inc. (Nasdaq: UFPI) today announced changes
intended to enhance the Company's growth and profitability, including
the addition of support around two areas of strong growth potential:
international sales and product development. The changes are effective
Oct. 1, 2011.
Universal has tapped a 20-year veteran, UFP Eastern Division President
C. Scott Greene, to lead and manage both of these initiatives as
Executive Vice President of New Business Development.
"Among the critical drivers for our growth and success is expanding our
market and product mix. These are essential areas for Universal moving
forward and there is no better person to lead those efforts than Scott
Greene," said CEO Matthew J. Missad. "Scott knows our company, has a
proven track record of success in marketing, business development and
leadership, and is eager to work in new ways to help Universal grow."
"I am excited for the opportunity to use my knowledge and experience in
these areas to grow our business," said Greene. "Our goal is to leverage
our resources and expertise to grow internationally and promote new
product development, which are critical to Universal's growth. I look
forward to the challenges and to driving the desired results."
Universal will return to two geographic divisions from three. UFP
Eastern Division, Inc. will be led by 34-year UFP veteran Robert Lees.
Lees currently is president of the Atlantic Division, which will be
absorbed into the Eastern Division. The Western Division will remain
unchanged, headed by Division President Allen Peters. Missad said that
the consolidation to two operating divisions is intended to enhance
efficiencies and streamline the Company's operations.
"Bob has been the consummate professional during his tenure at UFP and
has proven his ability and willingness to take on challenges and
opportunities presented to him," Missad said. "I'm confident he'll help
drive sales and profits in the east, and help us maintain the high
standards that have been the hallmark of our success."
"I look forward to working with and building on the great structure and
success created by Scott in the Eastern Division, and to creating even
more synergies among efforts and initiatives in our operations in the
eastern United States," Lees said.
Missad said that the emphases on new products and markets are crucial to
the Company's long-term growth. "We recognize that unless we expand our
product offering and grow beyond North America, our results will be
solely dependent on the North American economy and on our current
product mix," he said. "We aren't sitting by, waiting for a recovery;
instead, we're driving the changes we feel will make us more profitable
and a more dynamic company."
"I'm grateful to each of the Universal professionals for their eagerness
to tackle new challenges and create opportunity for our company,
employees, customers and shareholders," Missad added.
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc. is a holding company that provides
capital, management and administrative resources to subsidiaries that
design, manufacture and market wood and wood-alternative products for
DIY/retail home centers and other retailers, structural lumber products
for the manufactured housing industry, engineered wood components for
the construction markets, and specialty wood packaging and components
for various industries. The Company's consumer products subsidiary
offers a large portfolio of outdoor living products, including wood
composite decking, decorative balusters, post caps and plastic lattice.
Its lawn and garden group offers an array of products, such as trellises
and arches, to retailers nationwide. Universal's subsidiaries also
provide framing services for the site-built market and forming products
for concrete construction. Founded in 1955, Universal Forest Products is
headquartered in Grand Rapids, Mich., with operations throughout North
America. For more about Universal Forest Products, go to www.ufpi.com.
Please be aware that: Any statements included in this press release
that are not historical facts are forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are based on the beliefs of the
Company's management as well as on assumptions made by, and information
currently available to, the Company at the time such statements were
made. The Company does not undertake to update forward-looking
statements to reflect facts, circumstances, assumptions or events 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: adverse lumber market
trends, competitive activity, negative economic trends, government
regulations and weather. Certain of these risk factors and additional
information are included in the Company's reports on Form 10-K and 10-Q
on file with the Securities and Exchange Commission.
Universal Forest Products, Inc.
© Business Wire 2011