- people on the move
Universal Forest acquiring $71M manufacturer
Universal Forest Products is acquiring a maker of structural packaging products.
Grand Rapids-based Universal Forest Products said this week it signed an agreement to “purchase substantially all of the operating assets” Marietta, Georgia-based North American Container Corp., or NACC.
Terms of the deal, which is scheduled to close June 1, were not disclosed.
The acquisition adds steel, corrugated and hardwood packaging to Universal Forest’s “growing portfolio of industrial products.”
“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,” Universal Forest CEO Matt Missad said.
John Grigsby Jr., CEO of NACC, said the acquisition allows NACC to go “to the next level.”
“We feel confident that it will provide us with the best path for ongoing success in a changing world and global marketplace,” Grigsby said. “We are excited for our people and our future and proud to become a part of the Universal family.”
Post-acquisition, Universal Forest plans to enhance capacity and expand into growing markets, including South Carolina and Tennessee.
Universal Forest has several other plans after the deal: offer customers more packaging and crating solutions; enhance manufacturing through automation; and offer customers the opportunity to purchase corrugated, steel and lumber packaging from a single supplier.
Founded in 1955, Universal Forest Products (Nasdaq: UFPI) is a holding company that provides capital, management and administrative resources to subsidiaries that supply wood, wood composite and other products to retail, construction and industrial markets.
Its affiliates are located throughout North America, Australia, Europe and Asia.
The company had 2017 net sales of $3.94 billion.
Founded in 1967, NACC has nine manufacturing facilities in Georgia, South Carolina, Tennessee and Wisconsin.
NACC offers several proprietary packaging designs and holds a number of patents.
It had 2017 sales of about $71 million.