Monday, September 25, 2023
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. Finding new business opportunities in this fresh combination Founder and CEO Samuel Suller Oliver of Palets Suller said, “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.”
Spain is one of the largest ceramic tile manufacturing export markets in the world. 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. 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. 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. Looking forward to this prospective combination Dick McBride, UFP Global’s executive vice president also presented his views. He said, “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.”
Tags: UFP Global Holdings, wood and panel, woodworking, woodworking and manufacturing, woodworking industry, woodworking USA
