RedBuilt, a major distributor of engineered lumber products, has inked a deal to acquire some assets of Standard Structures, including intellectual property, raw materials inventory and equipment.
Standard Structures produces open-web trusses, I-joists and glulam beams for multifamily and commercial floor and roof systems. The company intends to sell its engineered wood products business and reorganize the rest of its business around its main glulam product portfolio.
Richard Caletti, who serves as President and Chief Executive Officer at Standard Structures, quoted that the financial burden related with the recent economic downturn was the major reason behind the company’s announcement made on August 19, 2011.
The President and Chief Executive Officer at RedBuilt, Kurt Liebich stated that Standard Structures has been a tough peer to the company for the past several years. It is regrettable when any firm enters into this condition, he said. However, RedBuilt’s purchase of some assets of Standard Structures’ engineered wood products business is a perfect fit, and the acquisition is for the benefits of both firms and their customers, he added.
RedBuilt will not produce Standard Structures’ branded engineered wood products. Liebich stated that Standard Structures’ engineered wood open-web trusses and I-joists will not be available, as RedBuilt cannot manufacture Standard Structures products caused by building code regulations. However, the company supplies several equivalent products and expect to work with former customers of Standard Structures’ engineered wood products business to determine ideal replacements in order to meet their project demands, he added.
Source: http://www.redbuilt.com