{"id":397765,"date":"2020-12-10T16:08:16","date_gmt":"2020-12-10T21:08:16","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=397765"},"modified":"2020-12-10T16:08:16","modified_gmt":"2020-12-10T21:08:16","slug":"ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/","title":{"rendered":"UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S."},"content":{"rendered":"<div class=\"mw_release\">\n<p>GRAND RAPIDS, Mich., Dec.  10, 2020  (GLOBE NEWSWIRE) &#8212; UFP Industries (Nasdaq: UFPI) today announced that its board of directors approved an agreement for UFP Industrial, LLC, to purchase 100 percent of the equity of PalletOne, Inc. for approximately $232 million. This price assumes a cash-free, debt-free balance sheet. UFP also agreed to pay $18 million for PalletOne\u2019s recent capital expenditures. The transaction is subject to a net working capital adjustment and is expected to close on December 28, 2020, pending customary closing conditions and regulatory approval. The purchase price will be funded using the company\u2019s cash reserves, which currently total more than $400 million.<\/p>\n<p>Based in Bartow, Florida, PalletOne is a leading manufacturer of new pallets in the U.S., with 17 pallet manufacturing facilities in the southern and eastern regions of the country. The company also supplies other specialized industrial packaging, including custom bins and crates, and its Sunbelt Forest Products subsidiary operates five pressure-treating facilities in the Southeastern U.S. PalletOne and its affiliates had 2019 sales and adjusted EBITDA of $525 million and $37 million, respectively, and trailing 12-month sales and adjusted EBITDA through October 2020 of $672 million and $44 million, respectively. The PalletOne management team, including President Howe Wallace, will continue to lead the company.<\/p>\n<p>\u201cWe are excited to welcome PalletOne and its 1,500-plus employees to the UFP family of companies,\u201d said Matthew J. Missad, CEO of UFP Industries. \u201cPalletOne is a leader in automation for pallet manufacturing, which we can scale across our existing footprint. They also have exceptional sourcing and design personnel who will help us gain synergies in those areas of the combined businesses. 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.\u201d<\/p>\n<p>\u201cThis is a great opportunity for all of us at PalletOne,\u201d said Howe Wallace. \u201cAs a strategic addition to UFP\u2019s 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. We\u2019re eager to take advantage of these exciting new possibilities.\u201d<\/p>\n<p>Mr. Missad continued, \u201cPalletOne represents our\u00a0sixth  and largest acquisition of the year as we pursue our commitment to effectively deploy capital to high-return opportunities that strategically expand our capabilities and geographic reach.\u201d<\/p>\n<p>\n        <strong>UFP Industries<\/strong><br \/>\n        <strong>, Inc.<\/strong>\n      <\/p>\n<p>UFP Industries is a holding company whose operating subsidiaries \u2013 UFP Industrial, UFP Construction and UFP Retail Solutions \u2013 manufacture, distribute and sell a wide 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. For more about UFP Industries, go to <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=qYbGXRLpa4yA7yh2_a-08mSH1G6t1r3HFHLx2o7lia2HPriRlnwKFsIvuaSM-LFyfeejZ-szXiHsqxkhHgJgkg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.ufpi.com<\/a>.<\/p>\n<p>\n        <strong>PalletOne<\/strong><br \/>\n        <strong>, Inc.<\/strong>\n      <\/p>\n<p>Organized in 2001, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=KZlrv1xPCwrz0g7a0mUqUOAPptFiG96vtP_Jr61Q5zanAWrl8otg_9FU6rB1cjG4Hspt7U092h9HBd2XEnoryn4eVE6g0iRvU_sPG5q7eujhDWIbearH0YPmThSrCYHDPA2VPYtvnYrG1_M8rp_8AuinM7wyNdPinA9VTLomyRpqL90nXTxRa-u92-3GRpDsXICfXHFxmfBuqaHE-NJJqjhY-bF9Oxx1pxB6Pua78IGTiS7LImZYcKHEQFHTJinlLmrMKeqjy6uyz2mY_uHldRyDdVVaRrY5K91KpYnnQaj-kz-30w7DMFvwjxP5JWkHlW4sXJ_c1n2ApdbtbCjwRQOVBFyH_1vzBrUtqiU3BsahLhc2NBEo9p9Jz8atuAyIDxssOH9zxQdc-q_lza7ddCsCdV77wD3Qy8qvJH-nwr8jojJPf-mZQnyYsSVGXQn0O_Vh5QHluf8xudgp77NNn_ss6k1ezSnku80Tar4oiCu41XkdO8abpLxXhUIANItFzdDhmFQ0scJ2FXsWf2cSCVvauIZG4_IiGis_MQAWWjY=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">PalletOne<\/a> manufactures\u00a0new pallets, provides\u00a0pallet repair programs,\u00a0recycles used pallets\u00a0and produces a variety of other wood products. With headquarters in Bartow, Florida, PalletOne\u2019s operations include\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Q9CTWGoPZvz9hCGpzewHiucUmRyPn6yGMlWa65Q2wRjkNA81ZcTk8ivy3__Nfy6hJFg6nKRNfDagdpQjYbWlkJKaHBhFCenoUMK7g7RhR0HsGI3lYZhQyFGiyhr3QbH9suh33Xw3viKe7CaMoymIl21c1H519k_naWF1xzqCdldZqTj_Q2UfwMOzhho1WIIB7FKxSYxytIPljt22WXq97AWfDsMHeogOdL4fye2c5k1PDi_d6Lx0eM1y_bFf3ma-6crnGH7YorGLkAl5ye5IBgU1rZOGDjYiTlpnZdKmJVZfWqOgKN48YPQYX0N6FkE-Rqj-TjsBHBvYq4fDqKg2xW23_2138q9LEAMw6y2vxlN0MM4GhMyKpCkodOXRm52zLZ-XQIT409sE9Vg2PDa-xjShf-B-MHZK52E9dLS7aRE6WYOZSaDvB4CXmvBtNIZQCuSRt6OBXOLsNkrACTmIKXQi5TVWSsN5uPlWCIqlnSoALtf_ipDr4oRYDpxT5Nq20YQkDwVpWk0A0fPsn4HzQG_92u5lGct0dnreAC_bOHzBtQCZsfD7rvQiofOJdEwV2fcs5pCoXW3XavqMEbAM2A==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Sunbelt Forest Products Corporation<\/a>, one of the largest producers of\u00a0pressure-treated lumber\u00a0and\u00a0residential fencing\u00a0in the Southeast, and SunOne Logistics, a Southeast regional truckload carrier. Through its combined operations, PalletOne employs more than 1,500 people across 22 locations.\u00a0<\/p>\n<p>\n        <em>This press release contains forward-looking statements within the meaning of Section <\/em><br \/>\n        <em>21E<\/em><br \/>\n        <em> of the Securities Exchange Act, as amended, that are based on management\u2019s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like \u201canticipates,\u201d \u201cbelieves,\u201d \u201cconfident,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cforecasts,\u201d \u201clikely,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cshould,\u201d variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company&#8217;s reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.<\/em>\n      <\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;AT THE COMPANY&#8212;&#8212;&#8212;&#8212;&#8212;<\/p>\n<p>Dick Gauthier<br \/>VP, Business Outreach<br \/>(616) 365-1555<\/p>\n<p>\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEwMDQ5MSMzODY2NjcyIzIwMDY5MjM=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/8ade0af1-c6ea-4804-adf5-e6ecec6c2cb9\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>GRAND RAPIDS, Mich., Dec. 10, 2020 (GLOBE NEWSWIRE) &#8212; UFP Industries (Nasdaq: UFPI) today announced that its board of directors approved an agreement for UFP Industrial, LLC, to purchase 100 percent of the equity of PalletOne, Inc. for approximately $232 million. This price assumes a cash-free, debt-free balance sheet. UFP also agreed to pay $18 million for PalletOne\u2019s recent capital expenditures. The transaction is subject to a net working capital adjustment and is expected to close on December 28, 2020, pending customary closing conditions and regulatory approval. The purchase price will be funded using the company\u2019s cash reserves, which currently total more than $400 million. Based in Bartow, Florida, PalletOne is a leading manufacturer of new pallets in the U.S., &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-397765","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"GRAND RAPIDS, Mich., Dec. 10, 2020 (GLOBE NEWSWIRE) &#8212; UFP Industries (Nasdaq: UFPI) today announced that its board of directors approved an agreement for UFP Industrial, LLC, to purchase 100 percent of the equity of PalletOne, Inc. for approximately $232 million. This price assumes a cash-free, debt-free balance sheet. UFP also agreed to pay $18 million for PalletOne\u2019s recent capital expenditures. The transaction is subject to a net working capital adjustment and is expected to close on December 28, 2020, pending customary closing conditions and regulatory approval. The purchase price will be funded using the company\u2019s cash reserves, which currently total more than $400 million. Based in Bartow, Florida, PalletOne is a leading manufacturer of new pallets in the U.S., &hellip; Continue reading &quot;UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S.&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-10T21:08:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEwMDQ5MSMzODY2NjcyIzIwMDY5MjM=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S.\",\"datePublished\":\"2020-12-10T21:08:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\\\/\"},\"wordCount\":802,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODEwMDQ5MSMzODY2NjcyIzIwMDY5MjM=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\\\/\",\"name\":\"UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S. - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/","og_locale":"en_US","og_type":"article","og_title":"UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S. - Market Newsdesk","og_description":"GRAND RAPIDS, Mich., Dec. 10, 2020 (GLOBE NEWSWIRE) &#8212; UFP Industries (Nasdaq: UFPI) today announced that its board of directors approved an agreement for UFP Industrial, LLC, to purchase 100 percent of the equity of PalletOne, Inc. for approximately $232 million. This price assumes a cash-free, debt-free balance sheet. UFP also agreed to pay $18 million for PalletOne\u2019s recent capital expenditures. The transaction is subject to a net working capital adjustment and is expected to close on December 28, 2020, pending customary closing conditions and regulatory approval. The purchase price will be funded using the company\u2019s cash reserves, which currently total more than $400 million. Based in Bartow, Florida, PalletOne is a leading manufacturer of new pallets in the U.S., &hellip; Continue reading \"UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-10T21:08:16+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEwMDQ5MSMzODY2NjcyIzIwMDY5MjM=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S.","datePublished":"2020-12-10T21:08:16+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/"},"wordCount":802,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEwMDQ5MSMzODY2NjcyIzIwMDY5MjM=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/ufp-industries-announces-agreement-to-acquire-palletone-further-expanding-industrial-packaging-capabilities-in-the-u-s\/","name":"UFP Industries announces agreement to acquire PalletOne, further expanding industrial packaging capabilities in the U.S. - 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