Marketwatch reports that Universal Forest Products Inc. (UFPI) will consolidate three divisions into two as part of an effort to streamline operations. The maker and seller of lumber and other building products said its Atlantic division will be absorbed into the company’s Eastern division. Atlantic Division President Robert Lees will be heading up the combined division. The Western division will remain unchanged. Current Eastern Division President C. Scott Greene has been named executive vice president of new business development, a role focused on international sales and product development. “Among the critical drivers for our growth and success is expanding our market and product mix. These are essential areas for Universal moving forward,” said Chief Executive Matthew J. Missad. The changes are effective Oct. 1. Universal Forest has improved its balance sheet over the past few years by reducing its headcount, closing underperforming branches and repaying long-term debt. Still, the company has struggled lately, and the stock is down 31% so far this year. The firm provides products to conventional and factory built housing companies. UFPI is a firm tracked by MHProNews.com in our manufactured housing Daily Business News Market Report.
(Graphic credit: UFPI logo)