UFP Global Holdings Ltd. purchases remaining ownership interests in two Mexican packaging affiliates
01 Dezembro 2023 - 6:03PM
Business Wire
UFP Global Holdings Ltd., a subsidiary of UFP Industries, Inc.
(Nasdaq: UFPI), announced today that it has acquired the remaining
ownership interests in each of two affiliates in Mexico: NORPAL S.
de R.L. de C.V. and TIBASA Universal Forest Products S. de R.L. de
C.V.
The companies will be combined as UFP Palets y Embalajes S. de
R.L. de C.V. and will operate in three locations: Monterrey,
Durango and Guanajuato. Today, these facilities are primarily
focused on the production of wooden pallets, but they are growing
sales in other structural packaging runways. The business will be
managed by veteran UFP Packaging employee Rees Watson, who will be
supported by TIBASA founder Hector Labrada as the new national
sales director.
“We are grateful to our long-time partners in Mexico, which
include the Fuhrken and Labrada families and Arturo Antunez, for
their successes in building a strong foundation for our emerging
packaging business in Mexico,” said Dick McBride, executive vice
president for UFP’s international operations. “This transaction
will enhance our stance as a world-class packaging solutions
provider and support our many multinational customers with
locations across Mexico.”
UFP’s other affiliate in Mexico, Pinelli Universal, supplies the
U.S. retail building materials market and is not part of this
transaction.
“We are excited for the new opportunities this will provide for
our people in NORPAL and TIBASA,” said Eduardo Fuhrken. “UFP has
been a valued and trusted partner, and we look forward to seeing
the growth they achieve in these packaging operations.”
UFP Industries, Inc.
The subsidiaries of UFP Industries – 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
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and involve certain risks, uncertainties and assumptions that are
difficult to predict with regard to timing, extent, likelihood and
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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
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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/20231201117676/en/
Lynn Afendoulis Director of Corporate Communication, UFP
Industries 616-365-1539
UFP Industries (NASDAQ:UFPI)
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