The purchase price for Spartanburg\u2019s property, plants and equipment is approximately $17 million. Sunbelt will also purchase Spartanburg\u2019s 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, Spartanburg\u2019s net working capital totaled approximately $80 million. The transaction is expected to close by the end of the first quarter of 2021, pending customary closing conditions and regulatory approval.<\/p>\n
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\u2019s current vendor and supplier relationships (TSOs and MSOs) after closing.<\/p>\n
\u201cSpartanburg Forest Products has a great reputation for quality and service,\u201d said Ken DelleDonne, president of Sunbelt Forest Products. \u201cOur customers are asking us to do more and the addition of the Spartanburg team will help us better serve our customers\u2019 needs. We look forward to working with them and creating more success stories together.\u201d<\/p>\n
\u201cThe combination of Spartanburg and Sunbelt will generate operational efficiencies that will allow both companies to provide greater value to our customers, as well as expand our capacity and geographic reach,\u201d said Stephen Michael. \u201cWe\u2019re excited to join the Sunbelt team.\u201d<\/p>\n
Sunbelt Forest Products Corporation<\/strong><\/p>\n Based in Bartow, Florida,\u00a0Sunbelt Forest Products Corporation\u00a0is a leading producer of\u00a0pressure-treated lumber\u00a0and\u00a0residential fencing\u00a0in the Southeast, with 300 employees.\u00a0The company is an affiliate of UFP Retail Solutions, which is a subsidiary of UFP Industries.<\/p>\n Spartanburg Forest Products<\/strong><\/p>\n Headquartered in Greer, South Carolina, Spartanburg Forest Products and its affiliates are a premier wood treating operation in the U.S., with approximately 150 employees and operations in five states. Its affiliates include Appalachian Forest Products, Innovative Design Industries, Blue Ridge Wood Preserving, Blue Ridge Wood Products, and Tidewater Wood Products.<\/p>","protected":false},"excerpt":{"rendered":" UFP Industries, Inc. 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 Spartanburg\u2019s property, plants and … Continue reading