Cox to sell residential lumber division to Va.-based company
Source: Columbia Business Report
December 19, 2017
Cox Industries is selling its residential lumber division assets to Virginia-based Culpeper Wood Preservers. Included in the sale are Cox manufacturing plants in Orangeburg and Branchville, as well as North Carolina facilities in Coleridge and Cove City.
All Cox residential business employees will have the opportunity to transition to Culpeper, Cox said in a news release. Cox will retain its corporate headquarters in Orangeburg to oversee its industrial division, which includes 10 plants across the country.
Cox is one of the country’s largest producers of pressure-treated wood products. The company said aligning its residential business with Culpeper “will help to create an industry powerhouse, with combined manufacturing facilities and customers that stretch throughout the Eastern and Midwestern states.”
“We are excited at the opportunities this next phase in Cox's history presents for our employees,” Cox Industries CEO Mikee Johnson said. “The residential division of Cox represents a significant part of our company's legacy, so it was extremely important that any transaction we entered into was done with a company that shares the same foundational values as us. As a family-run business in operation since 1976, we certainly believe that in addition to providing a platform for continued expansion of the residential division, Culpeper operates its business with the same employee focus that has served us well for over 75 years.”
The transaction will allow Cox to put additional resources into its industrial division, which primarily manufactures utility poles and marine piling, the company said.
“Within only a few years, our industrial division has grown to become one of the largest providers of utility poles in the United States, with a customer base that now extends from coast to coast,” Johnson said. “We look forward to using proceeds from the sale of our residential division to growing and diversifying this business while expanding our role as a key player in supporting America's electrical and marine infrastructure.”
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