UFP Global Holdings Ltd. acquires controlling interest in Palets Suller Group
20 Setembro 2023 - 5:05PM
Business Wire
UFP Global Holdings Ltd., a subsidiary of UFP Industries, Inc.
(Nasdaq: UFPI), has acquired 80 percent of the equity in a newly
formed company, UFP Palets y Embalajes SL, for approximately $52
million USD. UFP Palets is comprised of the former pallet
manufacturing operations of Palets Suller SL, Serrería y Palets
Chiva SL and Drevex Castellón SL, collectively known as Palets
Suller Group. The company had trailing 12-month sales of
approximately $38 million USD through August 2023.
Headquartered in Castellón, Spain, Palets Suller is the market
leader in machine-built wood pallets, serving the region’s ceramic
tile industry as well as other industries. Spain is one of the
largest ceramic tile manufacturing export markets in the world.
Founder and CEO Samuel Suller Oliver will retain a 20 percent stake
in the company and continue as executive director, managing the
day-to-day operations. He will be joined by UFP veteran Alex Kladt,
who will work with the Palets Suller leadership team to scale the
business and achieve operating synergies.
“Palets Suller provides a strong foundation to expand into Spain
and grow our value-added packaging business in Europe,” said Dick
McBride, UFP Global’s executive vice president. “Samuel and his
experienced team have built an impressive and efficient business,
and we look forward to learning from them and helping them expand
into new markets. This is another step in our goal to be the
preferred global packaging solutions provider.”
“We are excited to join the UFP Industries family of companies
and eager to pursue the new business opportunities this combination
will bring to us,” said Samuel Suller Oliver. “We’re pleased for
our people, who will have new opportunities for growth and the
rewards that come with being part of a large, successful
multinational corporation. And we’re pleased for our customers
because we will be able to offer the same quality products and
level of service they’ve grown to expect from us, while adding new
products and support from the capabilities of other UFP
companies.”
UFP Industries, Inc.
UFP Industries is a holding company whose operating segments –
UFP Packaging, UFP Construction and UFP Retail Solutions –
manufacture, distribute and sell a wide variety of value-added
products used in residential and commercial construction, packaging
and other industrial applications worldwide. Founded in 1955, the
company is headquartered in Grand Rapids, Mich., with affiliates in
North America, Europe, Asia and Australia. UFP Industries is ranked
#403 on the Fortune 500 and #149 on Industry Week’s list of
America’s Largest Manufacturers. For more about UFP Industries, go
to www.ufpi.com.
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act, as
amended, that are based on management’s beliefs, assumptions,
current expectations, estimates and projections about the markets
we serve, the economy and the Company itself. Words like
“anticipates,” “believes,” “confident,” “estimates,” “expects,”
“forecasts,” “likely,” “plans,” “projects,” “should,” variations of
such words, and similar expressions identify such forward-looking
statements. These statements do not guarantee future performance
and involve certain risks, uncertainties and assumptions that are
difficult to predict with regard to timing, extent, likelihood and
degree of occurrence. The Company does not undertake to update
forward-looking statements to reflect facts, circumstances, events,
or assumptions that occur after the date the forward-looking
statements are made. Actual results could differ materially from
those included in such forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and
uncertainty. Among the factors that could cause actual results to
differ materially from forward-looking statements are the
following: fluctuations in the price of lumber; adverse or unusual
weather conditions; adverse economic conditions in the markets we
serve; government regulations, particularly involving environmental
and safety regulations; and our ability to make successful business
acquisitions. Certain of these risk factors as well as other risk
factors and additional information are included in the Company's
reports on Form 10-K and 10-Q on file with the Securities and
Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230920843528/en/
Dick Gauthier VP of Investor Relations (616) 365-1555
UFP Industries (NASDAQ:UFPI)
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