Universal Forest Products announces structure change to promote growth
As of Jan. 1, 2020, the company will be known as UFP Industries, Inc., and will be organized around the markets it serves, such as retail, construction and industrial, rather than geography.
Universal Forest Products, Inc. (UFPI), Grand Rapids, Mich., announced a new organizational structure designed to position the company for accelerated sales and profit growth in the coming years.
As of Jan. 1, 2020, the company will be known as UFP Industries, Inc., and will be organized around the markets it serves, such as retail, construction and industrial, rather than geography. Among other benefits, this will allow for a more specialized and consistent sales approach, more efficient use of resources and capital and quicker introduction of new products and services.
“We have the best team in the industry, and we want to position our people for the greatest success,” says Matthew Missad, chief executive officer. “The markets are changing quickly, and we need to not only adapt to changes, but to anticipate future changes. As the complexity in our product offering increases, our teams need to be able to focus on products and services that bring more value to our customers. The only way to lead the next era of growth is from the front.”
"UFP Industries, Inc. is a better fit for what we do and for our new organizational structure," Missad adds. “Our companies serve a diverse group of customers, and our products include many materials, not just wood.”
Each segment/profit center of the business will have a general manager to enhance customer service, create manufacturing and transportation synergies and improve overall profitability. For instance, Allen Peters will become president and COO of UFP Retail; Patrick Benton will become president of UFP Construction; and Scott Worthington will become president of UFP Industrial.
“Our focus is on being the expert solution providers for our customers. This new organization enables us to accomplish that much more efficiently," Missad says. “We believe this is a wonderful opportunity for the companies and people of Universal, and we are excited about the future of UFP Industries. Our teams are up to the challenge, and we know they will continue to excel and to grow their opportunities and the company in new and exciting ways.”