UFP Industries acquires fire retardant specialist
UFP Industries (UFP) reported that its UFP Retail Solutions business segment has acquired the equity of Fire Retardant Chemical Technologies, LLC (FRCT).
Founded in 2014 and based in Matthews, N.C., FRCT’s business includes a research and development laboratory specializing in developing and testing a wide range of high-performance chemicals, including fire retardants and water repellants.
The company had approximately $6.4 million in sales in 2019. Futong Cui, FRCT’s founder, president and chief technology officer, will continue to lead the company.
“We have been very impressed by UFP Industries’ commitment to innovating and harnessing technology to improve the quality and performance of their products,” said Cui. “As part of UFP, FRCT will gain a better understanding of the needs of the market. We’ll also have access to the resources we need to develop new technologies to meet those needs and bring them to market faster.”
“Dr. Cui and his team have earned the respect of everyone in the wood products industry for the technologies they have developed,” said Allen Peters, president of UFP Retail Solutions. “We expect FRCT’s fire-retardant products to be among the fastest-growing in the wood preservation market, as they present a compelling value compared to other fire-resistant materials in the market.”
Based in Grand Rapids, Mich., UFP Industries is a holding company whose subsidiaries supply wood, wood composite and other products to the retail, construction and industrial markets.