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A leading Idaho millwork and building materials distributor is set to see significant growth with the acquisition of another national supplier.
Fruitland, Idaho-based Woodgrain Inc. announced on March 21 that it had reached an agreement to acquire St. Louis-based Huttig Building Products. The company said the deal is valued at $350 million and is expected to close in the second quarter of 2022.
Woodgrain operates more than 30 sawmill and refinishing sites in the United States and Chile, producing moldings, doors and windows for residential and commercial construction. It has been in business since 1954. Huttig, on the other hand, has been in business for 138 years and distributes millwork, building materials and wood products used in residential construction and home renovations.
Woodgrain will gain Huttig’s 25 distribution centers serving 41 states.
“Huttig has a long history as a value-added, service-driven and innovation-driven distributor,” said Kelly Dame, Woodgrain President and CEO. in a press release. “This acquisition will increase our footprint by expanding our network, and by adding Huttig’s expertise and resources to our own, we are positioned to bring even greater value to our respective customers and supply partners.”
Huttig reported its fourth-quarter and full-year 2021 financial statements on March 2, which showed October-December sales of $230 million — up nearly 25% year-over-year — and profit net of $7.4 million which eclipsed the $0.3 million reported amid the effects of the COVID-19 pandemic.
For the full year, Huttig’s 2021 sales of $938 million were up 18.4% from 2020, while its net income of $49 million offset a $1 million loss in 2020. .
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