Universal Forest shuts facilities
- Share via
Universal Forest Products Inc., a maker of do-it-yourself lumber products, said a slowdown in home building had forced it to shut and sell facilities it had temporarily closed earlier.
The shutdowns may result in a charge of about $5.5 million for its fourth quarter last year to write down the value of certain assets, according to the company, which is based in Grand Rapids, Mich.
U.S. housing starts fell 14% in December from November to an annual rate of 1 million, the lowest since 1991, the Commerce Department said last week.
Starts fell 25% last year, marking the biggest annual decline since 1980.
Universal may sell facilities in Stanfield and Sanford, N. C.; Elkhart and Westville, Ind.; Gulfport, Miss.; and parts of operations in Thorndale, Canada.
The company, with about 10,000 employees in North America, posted sales of about $2.6 billion in 2006.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
