UFP Industries, LLC is purchasing PalletOne, Inc. for $232 million. UFP has also agreed to pay $18 million for PalletOne’s recent capital expenditures.
Based in Bartow, Fla., PalletOne is a leading manufacturer of new pallets in the U.S. with 17 pallet manufacturing facilities in the Southern and Eastern U.S. The company also supplies specialized industrial packaging including custom bins and crates, and its Sunbelt Forest Products subsidiary operates five pressure-treating facilities in the Southeastern U.S. The PalletOne management team, including President Howe Wallace, will continue to lead the company.
“We are excited to welcome PalletOne and its 1,500-plus employees to the UFP family of companies,” says Matthew Missad, CEO of UFP Industries. “PalletOne brings a strong brand, a new customer base, and operating excellence, which drive us closer to our goal of becoming the preferred global packaging solutions provider and preferred wood preserver in the U.S.”
“This is a great opportunity for all of us at PalletOne,” adds Wallace. “As a strategic addition to UFP’s leading industrial business unit, we will have access to new markets, value-added industrial products, and resources that will help us grow our business and provide our customers with more value. Because UFP is committed to developing its employees and promoting from within, PalletOne employees will have new opportunities to grow their careers as well.”
UFP Industries is a holding company whose operating subsidiaries—UFP Industrial, UFP Construction and UFP Retail Solutions—manufacture, distribute and sell a variety of wood- and alternative material-based building and industrial products worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich. with affiliates in North America, Europe, Asia and Australia. Organized in 2001, PalletOne manufactures new pallets, provides pallet repair programs, recycles used pallets and produces a variety of other wood products.
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