Universal Forest Products will rebrand as UFP Industries, effective January 1, 2020, according to a news release from the company. The rebranding is part of a series of organizational structural changes designed to position the company for accelerated sales and profit growth in the short-term future and provide more opportunities for its employees.

As part of the rebranding, the company will organize itself more around the markets it serves, rather than geography. The company believes this will allow a more specialized and consistent sales approach among all Universal Forest Products companies, a more efficient use of resources, and a quicker introduction of new products and services.

The restructure will be organized to allow each business segment to align with the market it currently serves: UFP Retail, UFP Construction, and UFP Industrial. These segments will each consist of multiple business units, led by entrepreneurial members of the UFP team. Each business unit will hire a general manager who will continue to operate at his or her facility to enhance customer service, create manufacturing and transportation synergies, and improve overall profitability, according to the company.

“We have the best team in the industry, and we want to position our people for the greatest success,” CEO Matthew Missad said in a public statement. “The markets are changing quickly, and we need to not only adapt to changes, but to anticipate future changes. As the complexity in our product offering increases, our teams need to be able to focus on products and services that bring more value to our customers. The only way to lead the next era of growth is from the front.”

Under the new structure Allen Peters will become the president and COO of UFP Retail, Patrick Benton will become president of UFP Construction, and Scott Worthington will become president of UFP Industrial. Each of the three segments currently exceeds $1 billion in annual revenue and the company said it hopes each division will double sales and profits over the next 10 years.

During the transition period, Pat Webster will maintain his duties as COO of the Grand Rapids, Mich.-based company and will take on COO responsibility for UFP Construction and UFP Industrial. Jonathan West will become executive vice president of Factory Built Housing in the construction segment and Chad Eastin will become executive vice president of ProWood.