Ward retired from the company, effective december 30, 2000 and Scott Greene became President of the ufp eastern division, assuming this responsibility in April of 2000. In September 2000, the company announced the promotion of Jeff Higgs and Gary Wright to Executive vice Presidents of Site-built for the western and Eastern divisions, respectively. In 2001, Universal announced the mandatory retirement from active employment of Chairman Secchia, effective at the end of 2002. (All Universal employees must retire at the end of the fiscal year in which they turn 65, a policy secchia instituted "to allow for a more continuous regeneration of management. Although Secchia retired from employment, he remains as Universal Forest Products' Chairman of the board. In 2001, Universal also announced a stock repurchase from Chairman Secchia's family, a move made because of the favorable stock price and historically low interest rates.
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(Universal is traded on the nasdaq exchange as ufpi.). In november 1997, the company announced Performance 2002, an initiative designed to propel the company towards profitable growth into the next century. Over the course of the next five years, the company's success at hitting the targets, despite formidable obstacles, was impressive. Universal also consolidated its five regional operating companies into two divisions — eastern and Western — and its five purchasing offices into two — one in the eastern division headquartered in Atlanta, ga, and one in the western division headquartered in Windsor, co (near Denver). In December 1997, the company entered the site-built residential housing market essay with the acquisition of Consolidated building Components, Inc. (locations in Emlenton and Parker, pa and Structural Lumber Products, Inc. (with locations in Carrollton, san Antonio, and Kyle, tx). A number of other changes at the dawn of the 21st Century firmly established the future leadership of Universal. On January 1, 2000, michael. Glenn became President and Chief Operating Officer of the company. Bobby hill became President of the ufp western division.
Now retired, ian built a wood Preservation Department by bringing to Universal leading experts in wood treatment who, with Ian, helped to establish industry standards on the special science of treating wood. The 1980s and writing 90s were rewarding years for Chairman of the board Peter Secchia: he was appointed United States Ambassador to Italy by President george. It was at that time that. Currie succeeded Ambassador Secchia as ceo. Universal continued its trend of growth through the 1990s and into the early 2000s by capitalizing on its growing capabilities and by adding new capabilities and facilities through an aggressive strategy of prudent acquisition. After the Ambassador's return, it was decided that to finance growth to meet the increasing demand for its products, Universal went public in 1993. Its initial offering.7 million shares raised 20 million in additional equity.
They also accomplished this through another industry first: Universal was the essay first company in the wholesale lumber industry to employ a full-time engineering staff. With that capacity and desk expertise, universal became one of the world's largest manufacturers of industrial housing-type rafters and conventional roof trusses. In the fall of 1983, Universal Forest Products was reorganized into five geographic divisions: Northeast, Atlantic, southeast, midwest, and southwest. The company phased out its previous corporate names to operate all regional facilities under the Universal Forest Products umbrella. At the end of 1986, Universal became truly nationwide with the purchase of Far West Fir Sales, a well-established and highly respected wholesaler of softwood lumber products in California and Arizona. Universal expanded its service to customers and began its on-going practice of enhancing knowledge of its products by offering technical seminars. Today, engineers in the company's Research and development Department continue to consult with users, assist with designs, aid in obtaining code approvals for trusses and other components, and develop new products and manufacturing processes. To maintain its position in the treatment of wood and to augment ongoing concern for the environment Universal added Ian Stalker as vice president of wood preservation in 1987. Ian was (and is) an international authority on chemical pressure treatment of lumber, an instructor in the field, and a former executive with one of the world's leading producers of timber preservatives.
Enthusiastic acceptance of treated lumber led to additional facilities.) The company's goal was to expand and diversify its customer base. And, as they've done throughout their history, they met and exceeded their goals. Late in the 1980s, Universal targeted the do-it-yourself market. Little did they realize that the percentage of their business in the retail industry would increase from 5 to 51 in just five years. In the 1980s, the number of manufactured housing units began to decline. To maintain sales growth, Universal needed a greater market share. And they got. By offering more manufactured components, re-graded more items, mixed loads of lumber, particleboard, and plywood.
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For instance, in 1972, the Universal Employee's Profit Sharing and Retirement Trust Fund was instituted to reward long-term employees for their part in the company's success. While not required to offer such a plan, Universal wanted to assist faithful workers at retirement (today, it's just one of the many ways the company seeks to build its spirit). The initial contribution from corporate profits was 10,000. Subsequent annual contributions and earnings from investments have added to its value so that, as of 2005, the fund, which now has a 401(k) feature, is worth approximately 157 million. Other groundbreaking practices came from Universal's ability to meet changing market and industry needs through innovative moves. For example, universal was a pioneer of "just-in-time" inventory systems for the construction industry.
In the 1960s and 1970s, manufactured housing production increased rapidly nationwide, but a shortage of working capital, declining rail service, and a need for accelerated expansion called for a system of distribution that required manufactured housing plants to order components on an "as-needed" basis. To respond to these factors, Universal entered the component yard business, establishing manufacturing-cutting facilities near customer bases. Universal Forest Products was the first company in the United States to be licensed by the canadian Association to remanufacture (cut-trim-and regrade) and grade stamp Canadian species to meet. Customers preferred the company's "just-in-time" component system. So, to facilitate its innovative approach to distribution, Universal grew rapidly: Throughout the 1970s, it pdf added several facilities to increase its capacity and geographic reach. In the late 1970s, Universal entered the wood-treating business in Florida and designed an environmentally sound, state-of-the-art system for producing pressure-treated products. (Universal's Florida plants produced their first "charge" of treated lumber in november 1978.
The history of Universal success, when Universal founder Bill Grant decided to grow his business, he hired Michigan State University graduate peter. The year was 1962. Throughout the 1960s, nearly all of Universal's growth was in sales to manufactured housing. The retailing trade was left to local distributors who dealt primarily with small, locally owned lumberyards. Universal already was emphasizing customer service and inventory control, and had a philosophy of working closely with customers to teach them how to use wood fiber efficiently, a practice that was to become widely practiced throughout the industry in the future.
But back then, it was not common business in the retail industry. In 1971, the company had sales of under 11 million, and four employees. Ambassador Secchia purchased control of the company and hired William. Currie as his first employee. Today, currie is Executive chairman. Quickly, universal became known for innovative programs and policies in the manufacturing, distribution, and marketing of its products, as well as in the company's unique culture.
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Secchia, then vice president of sales, purchased control of the company and degenerative led it through three decades of strong, steady growth and great success. Today, universal is the largest producer of roof trusses for manufactured housing in spondylolisthesis North America, and the nation's largest residential truss manufacturer, and the largest producer of pressure-treated lumber in the world. Universal also is a leading supplier of value-added products to the do-it-yourself market, maintaining this leadership role as a result of the company's commitment to manufacture, distribute, and market its own products. In 2002, forbes once again (4th time) named Universal to its Platinum 400 list, an annual ranking of the 400 best-performing companies in the. With more than 1 billion in revenue. With more than 100 locations throughout the United States, canada, and Mexico, universal produces finished goods within the markets it serves, offering unparalleled distribution and service to its customers. The company employs 10,000 people.
Diy retailers need highly mixed loads, big trucking fleets, geographic distribution, weekend deliveries, and face-to-face sales support. This is nothing new to Universal; it's what the company has been doing for more than 30 years. What's more, universal's relationship-building practices are the same with the company's suppliers as it is with customers, through Mill Appreciation weeks and special forums. Major producers choose to work with Universal because they want as their customers companies who can buy the on a consistent basis, and who can distribute the products they want to produce. Universal's ability to regrade lumber gives major producers yet another reason to choose Universal. On February 10, 1955, Universal Forest Products, a lumber wholesale office specializing in sales to the manufactured housing industry, was incorporated with William. In 1971, when the company had sales of 11 million, peter.
the larger producers prefer to ship straight carloads of commodity items. Smaller distributors can't accept large quantities, so the big producers then come to Universal. The diy industry eliminated many of the "ma and pa" retail lumberyards and captured that market. But they had no need for their antiquated, fragmented distribution network. They came to Universal. The emerging diy industry is in the hands of sophisticated financial managers who want "on time" service, financially reliable suppliers, and technical support. They come to Universal.
Universal went public in 1993. Raised 20 million in additional equity. Traded on the nasdaq exchange as ufpi. Universal is a fortune 1000 company; named to forbes Platinum 4 (for the fourth time in five years). Universal has 8,000 employees at 97 locations in North America. Average age of management is 47 years. Average Universal experience is 20 years. The lumber review Market, for years, lumber industry pricing was driven by pulp contracts. The market for commodity bright lumber was without margin.
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By mark deremo, universal Forest Products Inc. At-a-glance, incorporated in 1955 with William. Grant as major stockholder, about and sole salesman. Michigan State University graduate peter. Secchia joined the company in 1962. Secchia became majority shareholder, President and ceo in 1971. Ufp had 11,000,000 in sales when Peter. Secchia bought controlling interest.