Universal Forest Products completed the reorganization of its operations and is now operating as UFP Industries. The name change to UFP Industries, first announced in August 2019, better describes the company, according to a news release.
“We are not just a forest products or wood company anymore,” CEO Matthew Missad said in a news release. “Over the years, we have evolved from a lumber wholesaler to a mixed materials manufacturer and solutions provider serving thousands of business customers.”
Missad said UFP Industries’ new business segments—UFP Retail, UFP Construction, and UFP Industrial—will be more focused on their individual markets. The company previously announced Allen Peters would assume the role of president and COO of UFP Retail, Patrick Benton would become president of UFP Construction, and Scott Worthington would be named president of UFP Industrial. Each of the three market segments currently exceed $1 billion in annual revenue and the company hopes each division will double sales and profits over the next 10 years.
Leadership teams are now in place for each of the three business segments, which Missad said will allow for more speed to market, better product and customer alignment, and more efficient capital utilization.
UFP Industries will seek shareholder approval for the change to its corporate name at its next annual meeting of shareholders in April 2020. In conjunction with the reorganization and name change, the company has updated its website, with business segment information and introduced new branding, with a modernized version of its tree logo.
Grand Rapids, Mich.-based UFP Industries has approximately 170 locations around the world. Prior to the company reorganization, UFP affiliates were organized by region; now they are organized by market.
