Universal Forest looks at asset sale, job cuts
Wood products maker Universal Forest Products Inc said it may consolidate or divest underperforming assets and cut jobs, due to weaker-than-expected sales this year.
The Grand Rapids, Michigan-based company said it will save $10 million annually, before one-time charges for severances related to the reductions.
Year-to-date net sales through May were down 9.5 percent to $765 million compared to the year-ago period, including a 15 percent drop in net sales to retail customers.
"Retail sales during what is historically our busiest selling season didn't materialize as expected this year," Chief Executive Michael Glenn said in a statement.
The company supplies lumber, plastic, and other building materials for the so-called do-it-yourself market, providing consumers with the tools needed for personal projects.
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The Grand Rapids, Michigan-based company said it will save $10 million annually, before one-time charges for severances related to the reductions.
Year-to-date net sales through May were down 9.5 percent to $765 million compared to the year-ago period, including a 15 percent drop in net sales to retail customers.
"Retail sales during what is historically our busiest selling season didn't materialize as expected this year," Chief Executive Michael Glenn said in a statement.
The company supplies lumber, plastic, and other building materials for the so-called do-it-yourself market, providing consumers with the tools needed for personal projects.
Read More