A growing subsidiary of Grand Rapids, Mich.-based Universal Forest Products Inc. has acquired the assets and some of the debt of plastic lattice supplier GeoMatrix Inc.
Terms were undisclosed.
Troy, Mich.-based GeoMatrix sold about $19 million worth of plastic products in 2005, including lattice, privacy screens, pegboards and fencing. Officials declined to say what companies manufacture the polypropylene and polyethylene products for GeoMatrix.
Spokeswoman Lynn Afendoulis said in an Aug. 21 telephone interview that subsidiary Universal Consumer Products will continue to look for acquisition opportunities.
``GeoMatrix has a solid customer base, an outstanding track record and reputations for its products and service,'' said Michael Glenn, Universal Forest Products' chief executive officer, in a news release. ``The company fits well with our strategies for acquisition and for growth.''
GeoMatrix executives Dick Cantley and Bob Erickson will stay on - Cantley, in a consulting capacity, and Erickson, as a full-time employee.
Plastic building products are a staple of Universal's consumer product division, which it formed last year.
Universal Forest Products extrudes wood-plastic composite deck boards for its Latitudes and Veranda brands. It sold about $35 million in deck boards in 2005. It also extrudes polystyrene for its TechTrim home exterior line. The company's extrusion plant is in Prairie du Chien, Wis.
The company employs 10,000 and reported 2005 sales of $2.7 billion.
