Subsidiary of UFP Industries closes on purchase of Spartanburg Forest Products and its affiliates
April 12, 2021 16:30 ET | Source: UFP Industries, Inc. UFP Industries, Inc. Grand Rapids, Michigan, UNITED STATES
GRAND RAPIDS, Mich., April 12, 2021 (GLOBE NEWSWIRE) 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’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.
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GREER, S.C. - UFP Industries announced that one of its subsidiaries, Sunbelt Forest Products Corp., has acquired South Carolina-based Spartanburg Forest Products plants, property, and equipment for $17 million. It will also purchase Spartanburg s working capital for an estimated $80 million.
The transaction is expected to close by the end of the first quarter of 2021, pending customary closing conditions and regulatory approval.
Founded in 1978 and based in Greer, South Carolina, Spartanburg and its affiliates operate four wood treating facilities and one manufacturing facility, mostly in the Mid-Atlantic. The combined companies had 2020 sales of approximately $543 million. 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) after closing.