Benzinga | Nov 2, 2021 10:24AM EDT

UFP Industries' UBEECO Subsidiary Buys Boxpack, No Terms Disclosed

UFP Industries, Inc. (NASDAQ:UFPI) today announced that one of its wholly owned subsidiaries, The UBEECO Group, has acquired the assets of The Box Pack Trust, operating as Boxpack Packaging (Boxpack). This transaction adds a full complement of high-value cardboard packaging products to the industrial packaging products offered by UBEECO and expands the customer base of both companies throughout Australia.

Located in Melbourne, Australia, Boxpack specializes in flexographic and lithographic cardboard packaging, using the latest CAD design and finishing techniques. Boxpack serves multiple industries, including food and beverage, confectionary, pharmaceutical, industrial and agricultural. The company had trailing 12-month sales through June 30, 2021, of $8.2 million AUD. Boxpack's founder and director, Andrew Moloney, will remain with the company and oversee the transition of the business to UBEECO.

"The addition of Boxpack brings us closer to our goal of becoming the leading packaging solutions provider in Australia and provides UBEECO with a broader portfolio of packaging solutions," said Dick McBride, executive vice president, International Operations. "We can now offer customers everything from pallets, crates and skids to a range of corrugated and consumable packaging solutions."

"We look forward to collaborating with UBEECO to expand our geographic reach and customer base throughout Australia, and we are excited to provide UBEECO's products to our customers," said Andrew Moloney. "The associated synergies will provide great benefits for both our employees and our customers."