GRAND RAPIDS, Mich., June 27, 2022 (GLOBE NEWSWIRE) -- UFP Industries (Nasdaq: UFPI) today announced that its affiliate, PalletOne, Inc., has acquired a 50 percent equity stake in Dempsey Wood Products, LLC. The purchase agreement includes options for PalletOne to purchase the remaining 50 percent of Dempsey after three years.

Founded in 1988 by Ronald Dempsey, Dempsey Wood Products produces kiln-dried lumber, pallet lumber, and other industrial wood products from a single location in Orangeburg, South Carolina. Dempsey had 2021 sales of $68.9 million, and its management team, including Ronald Dempsey and his son, Parker Dempsey, will continue in management roles.

The industrial lumber that Dempsey produces is a key product for pallet operations and has been in short supply as larger mills produce less of this type of lumber. PalletOne’s investment in Dempsey helps it secure and grow a critical long-term supply source. In 2021, five of Dempsey’s 10 largest customers were UFP affiliates, and nearly 40 other UFP locations could be served by Dempsey.

“Dempsey is led by an experienced team that has produced strong and stable results for more than four decades,” said Howe Wallace, president of PalletOne. “They’ve been a trusted supplier of ours for many years, and this investment will strengthen our ties, improve our work efficiencies and help satisfy our increasing need for lumber in this market.”

“Having supplied UFP companies for many years, we’re proud to join forces and contribute to their future growth plans,” said Parker Dempsey. “Together we can expand our capacity and industrial offerings. This gives our company and our employees exciting new growth opportunities.”

UFP Industries is a holding company whose operating subsidiaries – UFP Industrial, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Michigan, with affiliates in North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.

Headquartered in Bartow, Florida, PalletOne Inc. is North America’s largest, single-source, asset-based pallet manufacturer. The company is an affiliate of UFP Industrial, which operates more than 70 company-owned wood packaging and pallet manufacturing operations across the U.S. PalletOne manufactures new pallets, provides pallet repair programs, recycles used pallets, and produces a variety of other wood products. The company directly controls material supply, production, distribution processes, and labor resources.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

Verizon stock is moving lower after an earnings miss and dip in wireless subscriber growth.

Cleveland-Cliffs (CLF) delivered earnings and revenue surprises of -2.24% and 4.23%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?

Snap Inc. has never been an investor-friendly company as long as those investors weren't their founders, and the parent company of the Snapchat app made that even clearer Thursday.

Snap's 40% stock price crash on Friday after a dismal second quarter earnings report and brutal call is well warranted, one analysts explained to Yahoo Finance.

Yahoo Finance Editor-in-Chief Andy Serwer discusses Berkshire's stake in Occidental Petroleum and what that indicates to investors.

Michael Burry, who bet on the collapse of subprime credit, does not hesitate to give his opinion on market developments.

Verizon is set for its worst week since October 2008, but it's sitting on must-hold support right now.

Yahoo Finance's Brian Cheung and Akiko Fujita discuss Snap earnings and analyst reratings on the stock.

In this article, we discuss the 10 stocks to buy before their earnings reports. If you want to read about some more stocks expected to gain following their quarterly results, go directly to 5 Stocks to Buy Before Their Earnings Reports. With the inflation in the US at a 40-year high and the Federal Reserve […]

Rivian Automotive (NASDAQ: RIVN) was one of the hottest electric vehicle stocks of 2021. The EV maker went public at $78 per share last November, and its stock started trading at $106.75 before skyrocketing to an all-time high of $172.01 a week later. Rivian initially attracted so much attention because it was backed by Amazon (NASDAQ: AMZN) and Ford (NYSE: F).

When Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett speaks, Wall Street pays close attention. The easiest way for investors to monitor what Warren Buffett has been buying and selling is to track Berkshire Hathaway's quarterly 13F filings with the Securities and Exchange Commission (SEC).

Yahoo Finance markets reporter Alexandra Semenova details the surge in short interests on EV developer Tesla.

Stock-market bulls are poking their heads above the parapet, but skeptics see little more than a bear-market bounce.

Fed’s zigzagging policies could ultimately lead to an outcome similar to what happened in its fight against inflation four decades ago.

Just where is the stock market going, that’s the question investors are trying to answer. The answer isn’t fully clear, though; markets have fallen for most of this year, but the last few days have seen the best trading in weeks. The problem is, investors and economists aren’t sure if we’re at a true bottom or just in the midst of a bear market rally. What happens next is anyone’s guess, but the history of bears and rallies can offer some suggestions. Looking back to the end of the Second World

VALE S.A. (VALE) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.

The steelmaker is working with several automakers on its "non-oriented electrical steel," which is used as a motor core material in electric vehicles.

The stock began trading on a split-adjusted basis Friday, meaning one share was worth one-fourth of what a share was worth previously.

Advanced Micro Devices has weakened since late November. The shares were trading around $160 and subsequently fell to near $70 in early July -- a rude awakening for buy-and-hold investors. In this daily bar chart of AMD, below, we can see that the shares are making a rally and it is easy to suggest that this advance could fail like others before it.

Everyone knows that chasing violent storms is risky for your life. But it turns out that yield chasing in the S&P 500 can be risky for your money.