As reported in streetinsider.com
Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that one of its subsidiaries has acquired all outstanding shares of The UBEECO Group Pty. Ltd., a manufacturer of wood packaging based in Erskine Park, Australia, a suburb of Sydney.
Founded in 1970, UBEECO™ manufactures and distributes a variety of wood packaging and alternative material products, including boxes, crates, pallets, skids, protection packaging, packaging accessories and loose lumber. It also offers on-site packing services for many customers. The company’s FY 2016 sales were approximately $21.2 million (USD). UBEECO becomes the second packaging-related Australian acquisition by a Universal affiliate. In 2015, a Universal subsidiary purchased a majority interest in Integra Packaging Proprietary, Ltd., a manufacturer and distributor of integrated packaging products based in Brisbane, Australia.
“UBEECO is a leader in the industrial packaging marketplace in Australia, and we are thrilled that the company and its talented people are joining the family of Universal,” said UFPI CEO Matt Missad. “They have an excellent reputation for quality products and customer service, they’re growing, and they have ambitious goals—and we value all of that. In addition, their leadership team is strong and has created not just a healthy business but also a good, strong corporate culture that fits well with ours.”
“With this acquisition, we strengthen our foothold in the Australian packaging market, and create opportunities for synergies between our two Australian manufacturers, UBEECO and Integra Packaging,” Missad added.
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“We are pleased to be joining the Universal family of companies because we know they share our dedication to customers, to excellence, to growth, to profits and to the welfare of our employees,” said Chevalier Joseph Borg, cofounder and managing director of UBEECO, who will remain on the team as part of the acquisition. “We will be able to leverage Universal’s resources and expertise to take UBEECO to new levels of success.”