GRAND RAPIDS, Mich., June 04, 2018 (GLOBE NEWSWIRE) -- Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that one of its subsidiaries has closed on the purchase of the operating assets of North American Container Corp. (NACC), a Marietta, Ga.-based manufacturer of structural packaging products. The previously announced acquisition expands Universal’s capabilities and market opportunities by adding steel, corrugated and hardwood packaging to its growing portfolio of industrial products.
NACC has nine manufacturing facilities in Georgia, South Carolina, Tennessee and Wisconsin. Founded in 1967, it had sales of approximately $71 million in 2017. NACC offers several proprietary packaging designs and holds a number of patents. The acquisition enhances Universal’s capacity and allows the company to expand into geographic areas identified as opportunities for growth, including South Carolina and Tennessee; offer existing and targeted customers additional solutions for packaging and crating needs; enhance manufacturing through automation; and offer customers the opportunity to purchase corrugated, steel and lumber packaging from a single supplier, among other benefits.
“We are pleased not only to be adding the capabilities and business of NACC, but also the great people who have built its success,” said Universal CEO Matthew J. Missad. “With NACC as part of the Universal family of companies, we have created a robust, industry-leading offering of structural packaging products.”
“We are excited to be part of the Universal family of companies as it continues its trajectory of success, and to embark on this exciting phase of our company’s growth and opportunity,” said John Grigsby, Jr., CEO of NACC, who will remain with the company as operations vice president. “This allows us to serve even more customers with the best products and solutions in the industry, and to provide our employees and stakeholders with ongoing opportunities for success.”
Universal also noted that it has climbed to number 610 on the Fortune 1000, the publication’s list of the largest companies in the United States based on annual revenue. The ranking marks the sixth consecutive year in which Universal has raised its ranking in the Fortune 1000 and makes UFPI one of the biggest climbers on the 2018 list. (The Company ranked #687 in 2017 and #751 in 2016.)
“Our place on the Fortune list is due to all of the members of the UFP family who work hard to grow sales,” Missad said. “And while sales are the engine that drives our company, improving our profitability is an even greater goal. It is a tribute to our diversified business model that we have been able to do both.”