Subsidiary of ufp industries announces agreement to acquire the net operating assets of spartanburg forest products and its affiliates

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 spartanburg's property, plants and equipment is approximately $17 million. sunbelt will also purchase spartanburg's 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's 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.
UFPI Ratings Summary
UFPI Quant Ranking