Builders FirstSource Completes Acquisition of Timber Tech Texas
DALLAS, Feb. 9, 2015 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc. (Nasdaq:BLDR), a leading supplier and manufacturer of structural and related building products for residential new construction in the United States, today announced it has purchased Timber Tech Texas ("Timber Tech"). The transaction is the sixth acquisition that the company has completed since mid-2014.
Located in Cibolo, Texas, which is approximately 25 miles north east of downtown San Antonio, Timber Tech is a manufacturer of roof trusses, floor trusses, wall panels and sub-components, as well as a supplier of glue laminated timber and veneer lumber beams. Timber Tech operates from a single 10 acre facility and serves both residential and commercial builders in the San Antonio metro area and throughout the state of Texas. Fiscal 2014 estimated sales for Timber Tech were approximately $5 million.
Commenting on the transaction, Builders FirstSource CEO, Floyd Sherman, said, "The acquisition of Timber Tech gives us the ability to expand our product offering in and around the San Antonio market with an established and knowledgeable workforce. It also gives us the ability to immediately leverage our other recent truss acquisitions, increasing our truss manufacturing presence in the state of Texas. We are excited about adding Timber Tech to our company and welcome their employees to the Builders FirstSource team."
Gary Weaver, owner of Timber Tech, added, "I am excited for the chance to join such a well-respected and financially strong leader in the industry. This is a great opportunity for the company and for the employees of Timber Tech."
About Builders FirstSource
Headquartered in Dallas, Texas, Builders FirstSource is a leading supplier and manufacturer of structural and related building products for residential new construction. The company operates 56 distribution centers and 56 manufacturing facilities in 9 states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. For more information about Builders FirstSource, visit the company's website at www.bldr.com.
Statements in this news release and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about expected market share gains, forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to Builders FirstSource, Inc. on the date this release was submitted. Builders FirstSource, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the Company's growth strategies, including gaining market share, or the Company's revenues and operating results being highly dependent on, among other things, the homebuilding industry, lumber prices and the economy. Builders FirstSource, Inc. may not succeed in addressing these and other risks. Further information regarding factors that could affect our financial and other results can be found in the risk factors section of Builders FirstSource, Inc.'s most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein.
CONTACT: Chad Crow President, COO and CFO Builders FirstSource, Inc. (214) 880-3585 Marcie Hyder Vice President and Corporate Controller Builders FirstSource, Inc. (214) 880-3551