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UFP Industries Subsidiary Closes on Spartanburg Forest Products

UFP Industries Inc., headquartered in Grand Rapids, Michigan, reports that its wholly-owned subsidiary Sunbelt Forest Products Corp. closed on its agreement to purchase the net operating assets of Spartanburg Forest Products Inc. and its affiliates. 

The purchase price for Spartanburg’s property, plants, and equipment is approximately $16.5 million. Sunbelt also purchased Spartanburg’s net working capital for an amount equal to the net book value determined on the date of closing, which totaled approximately $146.5 million. 

“This acquisition will allow Sunbelt to grow by offering more products to Spartanburg’s customers while expanding our capacity and geographic reach to serve our existing customers,” says Ken DelleDonne, president of Sunbelt Forest Products. 

“In addition, we expect to drive efficiencies in our supply chain and administrative services as we combine our operations. We’re excited to welcome the Spartanburg team to Sunbelt and look forward to building an even stronger future together.”

Stephen Michael, president and CEO of Spartanburg, will remain in a consultative role to help with the transition to Sunbelt, and Sunbelt plans to continue all of Spartanburg’s current vendor and supplier relationships (TSOs and MSOs).

“The combination of Spartanburg and Sunbelt will generate operational efficiencies that will allow both companies to provide greater value to our customers, as well as expand our capacity and geographic reach,” says Michael. “We’re excited to join the Sunbelt team.”

Based in Bartow, Florida, Sunbelt Forest Products produces pressure-treated lumber and residential fencing in the Southeast with 300 employees. 

Spartanburg Forest Products, headquartered in Greer, South Carolina, and its affiliates are a wood-treating operation 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.

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