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Universal Forest Products, Inc., Grand Rapids, Mi., is launching a new organizational structure designed to position the company for accelerated sales and profit growth, starting with a name change.
As of Jan. 1, 2020, the company will be known as UFP Industries, Inc. It will be organized into three segments based on the markets they serve rather than geography. This will allow for a more specialized and consistent sales approach among all Universal companies, more efficient use of resources and capital, and quicker introduction of new products and services.
Allen Peters will become president and COO of UFP Retail, Patrick Benton president of UFP Construction, and Scott Worthington president of UFP Industrial. During a transition period, Pat Webster will remain COO of UFPI and take on COO responsibility for UFP Construction and UFP Industrial. Jonathan West will become executive VP of Factory Built Housing in the construction segment. Chad Eastin will become executive VP of ProWood.
“The markets are changing quickly, and we need to not only adapt to changes, but to anticipate future changes,” said CEO Matthew J. Missad. “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.”
He added that while the name Universal Forest Products is a source of pride for employees, it no longer describes what the company does.
UFP Industries will continue to trade under the ticker symbol UFPI.