Ficus Pax, which operates 10 facilities, produces mixed-material cases and crates, nail-less plywood boxes, wooden pallets and other packaging products
UFP Global Holdings, a subsidiary of UFP Industries, has purchased a 70% stake in India-based industrial packaging company Ficus Pax for around $13.5m.
Based in Bangalore, Ficus Pax is engaged in the manufacturing of mixed-material cases and crates, nail-less plywood boxes, wooden pallets and other packaging products.
The company operates 10 facilities in major industrial markets across the southern region of the country.
Ficus Pax also has a majority interest in Wadpack, which produces corrugated fibre board containers, corrugated pallets and display solutions.
Through August this year, the company had a trailing 12-month sales of around $39m.
Wadpack chairman and managing director Sandeep Wadhwa will serve as managing director for Ficus Pax after consolidation of the group.
In a statement, Wadhwa said: “The investment and support that UFP Global will provide to Ficus Pax and Wadpack will allow us to expand our sales outreach, increase our capacity, automate in ways that will improve our productivity, and gain more flexibility in sourcing materials.”
UFP international operations executive vice president Dick McBride said: “The addition of Ficus Pax gives UFP a solid foundation to grow our industrial packaging presence in India, the world’s fastest-growing economy and a strategic market for our international expansion.
“Ficus Pax is a leader in innovation, with a talented design and engineering team and considerable experience in producing high-value packaging solutions for domestic and multinational customers.”
In November last year, UFP Industries announced an equity investment in Italy-based Enwrap Logistic & Packaging for the expansion of its international industrial packaging operations.
Via its operating subsidiaries UFP Industrial, UFP Construction and UFP Retail Solutions, UFP Industries produces, sells and markets a range of value-added products used in residential and commercial construction, packaging and other industrial applications.