The business will be managed by veteran UFP Packaging employee Rees Watson, who will be supported by TIBASA founder Hector Labrada as the new national sales director
UFP’s other affiliate in Mexico, Pinelli Universal, supplies the US retail building materials market and is not part of this transaction. (Credit: Reproductive Health Supplies Coalition on Unsplash)
UFP Global Holdings Ltd., a subsidiary of UFP Industries, Inc. (Nasdaq: UFPI), announced today that it has acquired the remaining ownership interests in each of two affiliates in Mexico: NORPAL S. de R.L. de C.V. and TIBASA Universal Forest Products S. de R.L. de C.V.
The companies will be combined as UFP Palets y Embalajes S. de R.L. de C.V. and will operate in three locations: Monterrey, Durango and Guanajuato. Today, these facilities are primarily focused on the production of wooden pallets, but they are growing sales in other structural packaging runways. The business will be managed by veteran UFP Packaging employee Rees Watson, who will be supported by TIBASA founder Hector Labrada as the new national sales director.
“We are grateful to our long-time partners in Mexico, which include the Fuhrken and Labrada families and Arturo Antunez, for their successes in building a strong foundation for our emerging packaging business in Mexico,” said Dick McBride, executive vice president for UFP’s international operations. “This transaction will enhance our stance as a world-class packaging solutions provider and support our many multinational customers with locations across Mexico.”
UFP’s other affiliate in Mexico, Pinelli Universal, supplies the U.S. retail building materials market and is not part of this transaction.
“We are excited for the new opportunities this will provide for our people in NORPAL and TIBASA,” said Eduardo Fuhrken. “UFP has been a valued and trusted partner, and we look forward to seeing the growth they achieve in these packaging operations.”
Source: Company Press Release