Acquisition aligns with Company's plan to grow in international markets
Universal Forest Products, Inc. (NASDAQ: UFPI) today announced that one of its subsidiaries closed on the purchase of a majority interest in Integra Packaging Proprietary, Ltd., a manufacturer and distributor of integrated packaging products based in Brisbane, Australia.
Founded in 1995, Integra has two locations in Eastern Australia, where it manufactures wood specialty packaging. It also distributes packaging products and performs on-site packaging services for a number of industries. Integra also has exclusive distribution agreements for Australia with global packaging enterprises. The company expects sales of $12 million in 2015. The acquisition supports Universal's plan to grow internationally in markets and with multinational customers it serves in the US.
"Integra provides a strong opportunity for our foray into new international markets," said Universal Forest Products CEO Matthew J. Missad. "It has a track record of success and a commitment to providing solutions to its customers. It utilizes creativity that we can expand to our existing markets and, most importantly, it has a talented, hard-working team of people who are driven to grow and prosper."
"Under the stewardship of Dick Gauthier, our vice president of International Development, we expect big things from partnering up with Integra," Missad added.
Added Roger Till, managing director for Integra: "Being part of the Universal family of companies provides a great opportunity for Integra to expand in Australia and beyond. We are eager to help Universal achieve its international growth goals and to be part of its success."
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