Manufacturer of environmentally sound cellulose insulation adds new capabilities to UFPI
GRAND RAPIDS, MICH. – Universal Forest Products Inc. (NASDAQ: UFPI) today announced that one of its subsidiaries has agreed to purchase the assets of National Fiber, a leading manufacturer of cellulose insulation located in Belchertown, Mass., that serves major markets in the northeastern United States. The transaction is expected to close by January 31, 2014.
"This is a strong complement to our housing and construction business, which continues to improve in the Northeast," said Universal Forest Products, Inc. CEO Matthew J. Missad. "National Fiber has built a solid business and an excellent reputation as a leader in the cellulose insulation industry, using predominantly recycled materials. We're delighted to add the company and its people to the Universal family of companies and look forward to growing success together for many years to come."
Through its network of distributors, National Fiber supplies its Cel-Pak and Nu-Wool® cellulose insulation to professional cellulose installers throughout New England, New York (from Rochester to Long Island), Pennsylvania, Maryland and Delaware. It also sells special machines necessary to install the products, and offers training and technical support to installers. It was founded in 1978 and has offices and manufacturing and training facilities in Belchertown, Mass. Sales for 2014 are forecast at $12.5 million.
"At National Fiber, we pride ourselves on being at the forefront of our industry, and we're pleased to be joining a company with a strong reputation for exceptional products and service to its customers," said President Chris Hoch. "This is a great opportunity for our company and people and for homeowners and builders interested in an exceptionally effective, environmentally friendly product for their homes."
Located in Belchertown, Mass., National Fiber is a leading manufacturer of cellulose insulation, serving the northeastern United States with Cel-Pak and Nu-Wool insulation. It also trains professional installers, and sells and services the equipment used for installation. Made from recycled newsprint and with a recycled content greater than 83 percent, excellent R-value and low embodied energy content, its cellulose insulation represents an economical, high-performance product that enhances consumer safety with its Class-A fire rating and fire-blocking capabilities. For more, go to www.nationalfiber.com.