UFP Industries (UFPI) subsidiary to acquire the net operating assets of Spartanburg Forest Products and its affiliates

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Go back to UFP Industries (UFPI) subsidiary to acquire the net operating assets of Spartanburg Forest Products and its affiliates

Subsidiary of UFP Industries announces agreement to acquire the net operating assets of Spartanburg Forest Products and its affiliates

February 22, 2021 4:15 PM EST

GRAND RAPIDS, Mich., Feb. 22, 2021 (GLOBE NEWSWIRE) -- UFP Industries, Inc. (Nasdaq: UFPI) today announced that one of its wholly owned subsidiaries, Sunbelt Forest Products Corporation, signed an agreement to purchase the net operating assets of Spartanburg Forest Products, Inc. and its affiliates. The purchase price for Spartanburgs property, plants and equipment is approximately $17 million. Sunbelt will also purchase Spartanburgs net working capital for an amount equal to the net book value determined on the date of closing the transaction. As of December 31, 2020, Spartanburgs net working capital totaled approximately $80... More