Forest products company Universal Forest Products, Inc. (UFPI - Free Report) recently announced the deal to acquire certain assets of Robbins Manufacturing Co. Financial terms of the transaction has not been disclosed.
The Tampa, Fla.-based Robbins Manufacturing Co. is well-known for its preservative-treated wood products. The firm works through two divisions, Robbins Treating and Manufacturing. Together these divisions operate six wood treating facilities in Florida, Georgia and North Carolina.
Per the terms of the transaction, Robbins Manufacturing will continue operating its wood treating facility in Tarrytown, Fla. The remaining five facilities, with combined net sales of $83 million in 2015, will be acquired by one of the subsidiaries of Universal Forest Products. The transaction is likely to be completed in Aug 2016.
We believe the news was primarily the reason behind the roughly 2.21% hike in Universal Forest Products’ share price at the end of the trading session on Jun 14.
Universal Forest Products’ constant endeavor to expand its business through inorganic means will prove beneficial, going forward. The acquired assets of Robbins Manufacturing will strengthen the company’s position in the treated wood products market in the United States. In 2015, the company had acquired assets of Rapid Wood Mfg. and Integra Packaging Proprietary, to expand its lumber products market and wood specialty packaging business, respectively.
With a market capitalization of $1.8 billion, Universal Forest Products currently carries a Zacks Rank #2 (Buy). Other stocks worth mentioning in the industry include Louisiana-Pacific Corp. (LPX - Free Report) , Armstrong Flooring, Inc. and Boise Cascade Company (BCC - Free Report) . While Louisiana-Pacific sports a Zacks Rank #1 (Strong Buy), both Armstrong Flooring and Boise Cascade carry the same Zacks Rank as Universal Forest Products.
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Forest products company Universal Forest Products, Inc. (UFPI - Free Report) recently announced the deal to acquire certain assets of Robbins Manufacturing Co. Financial terms of the transaction has not been disclosed.
The Tampa, Fla.-based Robbins Manufacturing Co. is well-known for its preservative-treated wood products. The firm works through two divisions, Robbins Treating and Manufacturing. Together these divisions operate six wood treating facilities in Florida, Georgia and North Carolina.
Per the terms of the transaction, Robbins Manufacturing will continue operating its wood treating facility in Tarrytown, Fla. The remaining five facilities, with combined net sales of $83 million in 2015, will be acquired by one of the subsidiaries of Universal Forest Products. The transaction is likely to be completed in Aug 2016.
We believe the news was primarily the reason behind the roughly 2.21% hike in Universal Forest Products’ share price at the end of the trading session on Jun 14.
Universal Forest Products’ constant endeavor to expand its business through inorganic means will prove beneficial, going forward. The acquired assets of Robbins Manufacturing will strengthen the company’s position in the treated wood products market in the United States. In 2015, the company had acquired assets of Rapid Wood Mfg. and Integra Packaging Proprietary, to expand its lumber products market and wood specialty packaging business, respectively.
With a market capitalization of $1.8 billion, Universal Forest Products currently carries a Zacks Rank #2 (Buy). Other stocks worth mentioning in the industry include Louisiana-Pacific Corp. (LPX - Free Report) , Armstrong Flooring, Inc. and Boise Cascade Company (BCC - Free Report) . While Louisiana-Pacific sports a Zacks Rank #1 (Strong Buy), both Armstrong Flooring and Boise Cascade carry the same Zacks Rank as Universal Forest Products.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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