New Investment Advances Wood Resources' Growth Strategy in Construction and Industrial Markets |
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By: Atlas Holdings LLC Posted: 2009-08-30 00:13:26 |
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Atlas Holdings LLC announced today that its affiliate, Wood Resources LLC, has received a major infusion of new capital from its investors to support continuing growth initiatives in its three North American wood products businesses.
Wood Resources Chief Executive Officer Richard Yarbrough said: "We believe Wood Resources is one of the very few profitable wood products businesses in North America, as a result of its industry-leading low-cost structure, its strong and diversified assets, and its disciplined management. This infusion of new capital gives us the resources we need to capture greater market share for the premium products we sell in industrial markets and continue the progress we have made as the low-cost leader for products in our construction markets." Edward J. Fletcher, Atlas Principal, said, "This financing is emblematic of the strong financial sponsorship provided by Atlas Holdings for its businesses. No matter how tough the economy, Atlas ensures that its businesses have the necessary resources to gain competitive advantage in their markets. Environments like these create unique opportunities for well-positioned businesses like Wood Resources to further strengthen their position. Further, this commitment of capital is a testament to the confidence our investors have in Wood Resources." Wood Resources produces and distributes wood products for industrial and commercial customers in North America as well as for the construction market. The company operates production facilities in Shelton, Washington; Moncure, North Carolina; and Chester, South Carolina, and employs approximately 750 people. Wood Resources' industrial products include overlay plywood for use in concrete forms, outdoor signage and the panels of roll-up truck doors, and hardwood plywood for use in upholstered furniture frames. Commercial sales are primarily from plywood sold in the construction market. About Atlas Holdings LLC Atlas' operations in the United States, Canada and Europe include more than 40 facilities and 3,200 employees. Its businesses are engaged in a broad spectrum of industries, including building materials and wood products, pulp and paper manufacturing, packaging, capital equipment, and industrial services. Atlas specializes in the purchase of middle-market companies in distress or facing complex financial, labor or environmental issues, including bankruptcy reorganizations, restructurings and challenging corporate divestitures. In May of 2009, Atlas purchased the second-largest wheel blast and surface preparation equipment provider in Europe - The Othello Group. Earlier this month, Atlas acquired Weyerhaeuser Co.'s former Trus Joist(R) commercial division, a leading global producer of engineered wood products and building systems now operated as RedBuilt LLC. The Othello Group and Trus Joist(R) acquisitions typify Atlas' experience in acquiring divisions of major companies and successfully transitioning them into independent businesses. |
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