Universal Forest Products, parent company of idX, announces it has finalized the reorganization of its operations and is now officially operating as UFP Industries.
“We are not just a forest products or wood company anymore,” says CEO Matthew J. Missad. “Over the years, we have evolved from a lumber wholesaler to a mixed materials manufacturer and solutions provider serving thousands of business customers.”
Instead of operating with geographic regional divisions, UFP affiliates will now be organized by market segment.
“Our new segments — UFP Retail, UFP Construction and UFP Industrial — will be much more focused on their individual markets, and with the leadership teams now in position, we expect more speed to market, better product, and customer alignment and more efficient capital utilization,” says Missad.
The company will seek shareholder approval for the change to its corporate name at its next annual meeting of shareholders in April 2020 and will continue to trade on the NASDAQ exchange under the UFPI ticker symbol.
In conjunction with the reorganization and name change, the company has also introduced new branding.