UFP Industries, Inc. 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.
“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,” said 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.”
UFP Industries is a holding company whose operating subsidiaries – UFP Industrial, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide.
